November 9, 2007

Brazil soy crop seen up 1.8 percent on-year

Brazil's 2007/08 soy crop is seen up 1.8 percent at 59.32 million tonnes from the 58.26 million tonnes in 2007, the National Statistics Institute (IBGE) said on Thursday (November 8).

The IBGE, in its first crop estimate, said planted area would grow 2 percent to 21.05 million hectares (52 million acres) on year but yields at 2.819 tonnes a hectare would be just shy of productivity from the 2006/07 crop.

Planting of the new crop began in late September.

The IBGE's projections is often a month or two behind other forecasters, including the official government crop supply agency Conab that has already expected its forecast for the crop this week.

In Conab's first estimate of the new soy crop on October 4, output was forecast at 61.3 million tonnes.

Independent forecaster Celeres forecast the new soy crop at 63.1 million tonnes on Monday in its third estimate of the new crop. Another forecaster AgRural put the new crop at 62.8 million tonnes on Oct 15.