April 5, 2007

Brazil new soy crop view higher 

Brazil's 2006/07 (Oct/Sept) soybean crop was forecast at a record 58 million tonnes, up from a previous estimate in March of 56.7 million tonnes, the government said Wednesday.

In its seventh new-crop forecast, the government's National Crop Supply Agency (Conab) also projected that total corn output would reach 51.1 million tonnes this season, up from a prior estimate of 48.75 million tonnes.

In the 2005/06 season, Brazil's soy harvest totalled 53.4 million tonnes and its corn crop amounted to 42.5 million tonnes. Both crops suffered from dry weather last year.

Good weather with a better distribution of rain during all stages of crop development is turning the current crop into the largest in the history of the country, Conab said in its report.

Brazil's total 2006/07 grain crop is forecast at 131.1 million tonnes, up from the 127.65 million estimated in March and 120.8 million last season, Conab said. The total grain output this year will exceed the 2002/03 record by 6.4 percent.