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Macro Ingredient


February 2, 2015

 

Brazil's 2014/15 soybean production hampered by dry conditions

 

 

Dry conditions in Brazil have casted a scorching encumbrance on local soybean crops for the 2014/15 period, according to AgRural.

 

In light of this less optimistic situation, the consultancy may lower its soybean forecast from 95 million tonnes. AgRural had drawn into consideration recent rains which it claimed are not sufficient volume-wise to relieve areas in the northeast, center-west and south east of the country.

 

Notably, some areas in Mato Grosso, a top soy-producing state, received only less than half of the volume of rains normally expected for January.

 

Also affected is center-west Goias. The state is facing a loss of 15% of its crops, a damage that could sum up to US$447.3 million, said farm association, Faeg.

 

On the other hand, Conab, Brazil's crop supply agency, is more positive about Goias' soybean production; that is anticipated to reach 9.9 million tonnes this season, a 10% jump from a year earlier.

 

The forecast, however, did not factor in the dry conditions in January.

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