April 7, 2011

Brazil forecast to yield record soy

Brazil's 2010/11 soy crop is projected at a record 72.2 million tonnes, up from a forecast of 70.3 million tonnes released in March, the government's crop supply agency Conab said on Wednesday (April 6).

The improved expectations for the new crop is due to a revision of area planted to 24.17 million hectares from 24.03 million hectares in March. Better national yields also led to the improved outlook.

Soy yields are now at 2.99 tonnes per hectare, surpassing the record 2.93 tonnes per hectare last year, Conab said. In the agency's seventh estimate of the national grains crop, Conab went into the fields to compile data, unlike the previous forecast.

The main government crop agency increased its forecast for corn output as well, from 55 million tonnes projected last month to 55.6 million tonnes. This amount is still shy of the 55.97 million tonnes harvested in the last crop.