July 11, 2007

Weather problems cut Brazil's 2006/07 soy output estimate to 58.2 million tonnes

Brazil's census bureau, IBGE, reduced the total output estimate for the 2006/07 soybean crop by 0.4 percent to 58.2 million tonnes, citing weather problems in the northeastern states.

In its May estimate, IBGE put the crop at 58.5 million tonnes. The number is still in line with most market estimates of the 2006/07 crop now being sold. The crop was harvested in May.

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