CONAB Revises Brazil Crop Production Estimates
Conab has issued revised production estimates for Brazilian soybeans, corn and wheat for the 2008/09 crop.
Soybean output is now seen at 57.2mmt, down 2.8mmt from year ago levels. The crop has been reduced by drought in southern Brazil, a slightly lower planted area and reduced fertiliser application due to high prices, they said.
Corn production is seen down 14.2% to 50.3mmt, whilst wheat production is seen almost 48% higher at 6.0mmt.
The wheat number will only go part of the way towards satisfying Brazil's requirements. With the door to Argentina seemingly locked and bolted, the US will be lurking in the wings hoping for some new export business later in the year.
Soybean output is now seen at 57.2mmt, down 2.8mmt from year ago levels. The crop has been reduced by drought in southern Brazil, a slightly lower planted area and reduced fertiliser application due to high prices, they said.
Corn production is seen down 14.2% to 50.3mmt, whilst wheat production is seen almost 48% higher at 6.0mmt.
The wheat number will only go part of the way towards satisfying Brazil's requirements. With the door to Argentina seemingly locked and bolted, the US will be lurking in the wings hoping for some new export business later in the year.
