Brazil slashes soybean estimates
Brazilian government crop-forecasting agency Conab on Tuesday slashed its forecast for the country's 2011-12 soybean production while raising its expectation for the upcoming winter corn crop.
Conab sees the 2011-12 soybean crop, which has mostly been harvested, yielding 65.6 million metric tons of the oilseed, down 4.6% from its previous forecast, published a month ago. The crop is expected to fall 13% short of last year's soy output.
The southern states of Rio Grande do Sul and Parana, stricken by drought since late 2011, saw the biggest reductions in their soybean forecasts.
On the other hand, Conab expects Brazil's 2011-12 corn production to hit a new record of 65.14 million tons, up 5.6% from its previous estimate and 13% larger than last year's corn output.
While Brazil's summer corn crop, most of which is harvested, has seen productivity decline due to the same weather issues that affected soy, Conab said favorable weather in central-western states such as Mato Grosso should allow for growers to make the most out of record planting.
-By Paul Kiernan, Dow Jones Newswires; (+55)11-3544-7074, email@example.com
(END) Dow Jones Newswires
April 10, 2012 08:50 ET (12:50 GMT)
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