April 14, 2017
The US Department of Agriculture's (USDA) latest forecast for Brazil's 2016/17 soybean production sees a record high level at 111 million tonnes, up 3 million tonnes or 3% from last March's forecast, and up 14.5 million tonnes or 15% from last year's.
The USDA's prediction mirrors the equally optimistic prognostication of Brazil's agricultural statistics agency Conab, which also raised, for the fourth time this year, its estimate for the country's 2016/17 soybean crop, now seen at 110.2 million tonnes, a 2.4% increase from March's forecast.
USDA's upgraded forecast was made after it noted that the summer crop season in Brazil was characterized by favorable weather with well-distributed and adequate rainfall and sunlight.
The USDA said soybean yield is estimated at a record 3.26 tonnes per hectare, up 2% from last month's forecast and up 12% from last year's.
Harvested area is estimated at 34 million hectares, up 100,000 hectares from last month's forecast, and up 700,000 hectares from last year's.
Nationally, two-thirds of the crop has been harvested and harvest has been completed in Mato Grosso and nearing 80% in Paraná, USDA said, citing data from state government and industry sources. In Rio Grande do Sul, 70% of the crop has been harvested and 10% is still in the grain-filling stage.
NDVI (normalised difference vegetation index) from satellite imagery indicates very good vegetation health during the growing season, the USDA reported. Above-average to record yields were also reported as the harvest progresses.