Brazil Soybean Forecast Raised to 83 Million Tons: Conab

Mario Sergio Lima – Bloomberg, 11/08/2012

Soybean output in Brazil, set to surpass the U.S. as the largest grower, will rise more than previously expected in the current season, the government said.

Growers will harvest as much as 83 million metric tons in the year that started Sept. 1, more than the 82.8 million tons estimated last month, the Agriculture Ministry’s crop- forecasting agency, known as Conab, said in its second report for this season. Production will rise from 66.4 million tons collected in the past season.

The corn forecast was cut to as much as 72.9 million tons from 73.2 million tons estimated in October. Production will drop from 73 million tons in the previous season, Conab said.

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Soybean Sowing in Brazil and Argentina Seen Higher by Oil World

Rudy Ruitenberg – Bloomberg, 8/14/2012

Farmers in Brazil and Argentina are forecast to plant more soybeans for harvesting this season in response to higher prices, at the expense of wheat and corn sowing, Oil World wrote.

Oilseed planting in Brazil will climb to a record 28.6 million hectares (70.7 million acres) from 27 million hectares in 2011-12, the Hamburg-based researcher wrote in an e-mailed report today.

Soybean prices have risen 19 percent in Chicago in the past 12 months, while corn prices advanced 11 percent. Brazil will overtake the U.S. as the world’s largest soybean exporter in 2012-13, the U.S. Department of Agriculture forecasts.

“Brazilian farmers have already been active sellers of new-crop soybean supplies to take advantage of the current favorable prices,” Oil World wrote. “In the domestic market soybean prices have been much more attractive for farmers than corn owing to the ample domestic corn supplies.”

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