August 27, 2004

IBGE Raises Brazil 2003-04 Soy Crop View To 49.18 Million MT

The Brazilian Census Bureau, or IBGE, on Thursday raised its estimate for the 2003-04 soybean crop (October-September) to 49.18 million metric tons.
 
The forecast is marginally higher than the July estimate of 49.01 million tons but 4.5% lower than last year's production of 51.48 million tons.
 
The IBGE has lowered its forecast progressively over the past few months from an original 59 million tons due to irregular weather conditions and disease during the first quarter of 2004.
 
The new production estimate is now lower than the 49.7 million tons forecast by the Agriculture Ministry's National Commodity Supply Corp., or Conab.
 
Brazil's grain, oilseed and cereal crop is now expected to total 119.5 million tons this season, up from the 118.8 million tons estimated in July but lower than the 123.6 million tons produced last year.