Market News & Headlines >> Brazil Crop Forecast Released
CONAB, the supply arm of the Brazilian agriculture ministry on Tuesday pegged Brazil’s 2013-14 soybean crop at 90.14 million metric tons in line with USDA’s latest forecast of 90 million tons, but warned hot, dry weather could negatively impact the agency’s March crop estimates.
Meanwhile, the agency estimated Brazil’s 2013-14 corn crop at 75.47 million tons, down 4.4% from a January projection of 78.97 million tons, but still 5.47 million above USDA’s current forecast.
The CONAB soybean production forecast was down slightly from the January estimate of 90.33 million tons, but was still 10.4% larger than last year’s crop. Soybean planted area was estimated at 29.66 million hectares, up 6.9% from last year.
Soybean production in the top growing state of Mato Grosso was estimated at 26.24 million tons, an increase of 11.5% over last year on a 7.9% increase in planted area and a 3.3% increase in yield.
CONAB now sees corn production falling 6.8% from last year. First-crop production is put at 33.64 million tons, down 5.2% from last year. Output from the second, or winter crop, is now seen at 42.83 million tons, down 7.2% from last year. The agency cut its forecast for planted corn area by about 388,000 hectares or 2.5% from January and now sees plantings at 15.01 million hectares, 5% below last year.
The agency cited a decrease in corn’s competitiveness against soybeans and low corn prices for the drop in planted area.