November 19, 2008
Brazilian farmers were likely to reduce use of fertilizers and plant protection chemicals which could cut yields and raise the risk of damage to soy from the Asian rust disease, it said.
It also cut its forecast of Paraguay's crop by 600,000 tonnes from its previous estimate to 6 million tonnes in early 2009 from 6.81 million tonnes in 2008 due to smaller than expected plantings and poor weather.
It raised its Argentine crop forecast by 500,000 tonnes to 50 million tonnes from 47 million tonnes in 2008 but warned it was concerned about dry weather in the country.
Oil World said that at the moment they still expect Argentine soy plantings to rise by 1.3 million hectares to 18.2 million hectares, benefiting from the lower than expected plantings of other oilseeds and grains.