February 8, 2007

IBGE puts Brazil's 2006/07 soy crop at 56.4 million tonnes

Brazil should harvest 56.4 million tonnes of soybeans in the 2006/07 crop, the Brazilian Census Bureau (IBGE) said in their first estimate for the season on Wednesday (Feb 7).

The total is 8 percent greater than the 52.2 million tonnes harvested in the 2005/06 crop.

IBGE's estimate is lower than private estimates made Tuesday by farm consulting group, AgRural, which put the crop at 57.5 million tonnes.

The National Commodities Supply Corp, or Conab, will release another estimate on Thursday. Conab's January-11 estimate put the crop at 54.9 million tonnes and expectations are that the latest estimate will see the number pushed higher.

IBGE said good weather conditions have helped Brazil soy plants this season. Yields of 2,726 kilogrammes per hectare are expected nationwide, or roughly 45 60-kg bags per hectare.

Brazil is the no. 2 soy producer behind the US.