Brazil’s /26 soybean crop is forecast to hit a record 178 million metric tons, despite some irregular weather that has delayed planting, Itau BBA analyst Francisco Queiroz said on Thursday during an online event.
The forecast compares with the U.S. Department of Agriculture’s estimate of 175 million tons. The USDA projects about 171.5 million tons for Brazil’s /25 soybean crop.
Soybean acreage is expected to increase by about 1 million hectares (2.47 million acres) from the previous cycle, even as growers face tighter margins, Queiroz said.
The peak of the La Nina weather pattern between November and December caused irregular conditions that created some planting challenges, Queiroz added.
“But we have positive weather maps for the coming weeks in Brazil’s central region,” he said, pointing to a favorable outlook for yields in the main producing area, ensuring gains in output.
CORN
Late soybean planting could negatively affect Brazil’s second corn crop in key center-west states, Queiroz said.
That said, Itau BBA’s Agro Consulting team still expects Brazil’s total corn output to reach about 138 million to 139 million tons, above the USDA’s estimate of 131 million tons.
Brazil produced 136 million tons of corn in /25, according to the USDA.
Source: Reuters
