December 9, 2008

Brazil new 2008-09 soy crop seen at 58.8 million tonnes

Brazil should harvest 58.8 million tonnes of soy in the 2008-09 crop, the National Commodities Supply Corp, or Conab, said Monday (December 8).

The number is within the range of Conab's previous estimate on November 6 that put the soy crop at between 58.3 million and 59.3 million tonnes for 2008-09 compared to 60 million tonnes from the 2007-08 soy crop.

Planted area is seen between 21.2 million hectares compared to 21.3 million hectares in the 2007-08 season, Conab said.

Brazilian soy farmers have been complaining that high costs for fertilisers and low soy prices have been eating into their margins, which is restraining many from planting more soy or using more fertiliser this year.

Most private estimates still keep the soy crop estimates between at around 60 million tonnes.

Brazil is the world's No. 2 soy producer behind the US.

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