October 9, 2008

Conab's first forecast for Brazil's 2008/2009 grain crops to rise to 2.7 percent more than in the 2007/2008.

Brazil's grain crop will reach 142.03 million to 144.55 million tonnes in 2008, 1.2 percent to 2.7 percent more than in the 2007/2008 crop (143.8 million tonnes), said the first forecast for the 2008/2009 grain crop by the National Commodities Corporation (Conab).

The projection was announced by Agriculture Ministry Reinhold Stephanes on Wednesday, 8 October 2008.

According to Stephanes, the food sector will be the last one to be affected by the international financial crisis because food will always be bought and sold.

The Minister also said that there will be no shortage of credit for the agricultural sector as the government has already released an R$5 billion (US $2.19 million) credit line for the sector.