Market News & Headlines >> Brazil Soy Crop Estimates Continue Rebound
Estimates of Brazil’s 2019 soybean crop, which fell earlier in the growing season following a dry spell in parts of that country, continue to edge back up due to a favorable end to the season.
On Monday, the Brazilian oilseed processors association, ABIOVE, raised its forecast for Brazil’s soybean crop to 117.6 million metric tons from an April estimate of 116.9 million tons.
On Friday, Brazilian crop consultant, Safras & Mercados pegged the soybean crop at 117.9 million tons, up from a previous forecast of 116.4 million, while brokerage house INTL FCStone pegged the crop at 116.46 million tons up from a previous estimate of 115.74 million.
USDA in April projected Brazilian soybean production at 117.0 million tons, up 500,000 from March. USDA is scheduled to update its crop estimate on Friday when it releases its monthly supply/demand report.
CONAB, the supply department of Brazil’s agriculture ministry is also due to release its latest crop estimate on Friday morning. CONAB in April pegged Brazilian soybean production at 113.82 million metric tons from a March forecast of 113.46 million tons and last year’ s record crop of 119.28 million.