May 8, 2012

Brazil's 2011-12 soy forecast cut to 64.95 million tonnes

A further deep cut in Brazil's 2011-12 soy crop forecast by Celeres has been made on Monday (May 7), lowering its view to 64.95 million tonnes from the 67.9 million tonnes it estimated in early April.

But Celeres said it now expected a much larger corn harvest than before, forecasting a crop of 65 million tonnes, up from the 60.7 million tonnes it estimated a month ago. That would be a record, if achieved.

Brazil's grains suffered from a harsh drought early in the year and analysts have been steadily cutting their forecasts for soy ever since. Last year's soy crop turned out a record 75.3 million tonnes.