Brazil soybean cropsize lowered
Commodities consultancy AgRural trimmed its estimate for Brazil's 2012-2013 soybean crop on Monday to 81.2 million tons because of a lack of rain in the northeastern state of Bahia.
In December AgRural forecast a crop of 82.2 million tons. Even with the smaller forecast, the crop will still be much bigger than last year's 66.4 million tons.
Much of the state of Bahia, a relatively minor soy producer that accounts for only about 5% of the country's total output, has gone more than 20 days without rain.
The harvest is behind schedule in many states, though dry weather in some of them is helping speed up the process. In Mato Grosso state, the harvest has been 47% completed, behind last year's level of 51% in the same week.
In southern Goias state, 33% has been finished, well below the 55% at this time last year. Mato Grosso do Sul state's harvest is ahead, with 43% finished, compared with 32% at this point in 2012. Sao Paulo's harvest is at the 12% point, up from 9% a year ago.
Write to Jeffrey T. Lewis at email@example.com
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(END) Dow Jones Newswires
February 25, 2013 07:56 ET (12:56 GMT)