February 11, 2004



Brazil Soybean Production Forecast Estimates Up


The U.S. Department of Agriculture raised its forecast for Brazilian soybean production in 2003-04 by 1 million metric tons to an expected new record of 61 million tons.


"Timely rains in southern producing areas have raised yield prospects," the USDA said to explain the forecast increase for Brazil.


The USDA also raised its forecast for Brazilian soybean exports, but only by 100,000 tons. The new prediction is now for 26.7 million tons, up from 26.6 million a month ago in USDA's January supply and demand report.


U.S. market analysts and traders also expected the USDA to leave its forecasts for U.S. production unchanged and that is what the USDA did. The February prediction for U.S. output in 2003-04 remained stable at 2.418 billion bushels.


The USDA forecasts for 2003-04 U.S. soybean exports, at 900 million bushels, and carryout, at 125 million bushels, also were unchanged for the February supply and demand report.

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