South America Calling

Brazil's Conab Ups '15-16 Soy View To 101.1 MMT

Brazil's Conab hiked its 2015-16 soybean crop view by 250,000 metric tons to 101.2 million metric tons on Thursday.

The Agriculture Ministry unit that conducts official crop surveys noted an improvement in conditions since its last survey in January, specifically with the return of normal crop conditions in Mato Grosso, the No. 1 producing state.

The forecast solidifies ideas that -- with the harvest nearly half complete -- Brazilian soybean output will top 100 mmt for the first time.

The report highlighted the impact of excessive rain in the southern states of Rio Grande do Sul, where there have been issues with waterlogging, and in Parana where lack of sunshine hours could be a problem.

The report also made mention of dry conditions in the northeastern states of Tocantins, Maranhao and Piaui, which have attracted market attention over the last two weeks, but Conab did not significantly adjust its yield forecasts for the region.

Soybean output is seen rising 5.1% this season on a 3.6% increase in planted area.

The government agency raised its second-crop corn figure marginally to 55.3 mmt, but this number is a long way shy of the 60 mmt plus numbers.



To comment, please Log In or Join our Community .