The Brazilian production of grains in 2013/2014 has reached 195.46 million tons, according to the country’s National Supply Company, Conab. The number is a 3.6% (6.8 million tons) increase compared to the previous season.
The soybean output was confirmed at 86.12 million tons, a new record with 31.6 million hectares planted, while the corn production fell two percent to 79.9 million tons. The Brazilian wheat production reached 7.66 million tons in the period, a hike of 38.7%, (2.14 million tons), with a 21.4% increase of the area planted.
Conab also estimates that if weather is generous, the soybean 2014/15 crop could be a new record, in the range of 94.8million tons, which would mean a 10% increase over the current production.
Regarding corn, it is estimated that the crop could drop to 74.9 million tons, which would be 8.9% less that the 2013/14 crop.
However according to the official stats office, IBGE, Brazilian Institute of Geography and Statistics, the total crop was estimated at 193.6 million tons, or 2.8% higher than the previous 188.2 million tons of 2013/14.
Several reasons help to explain the difference in estimates: IBGE depends from the Planning and Budget ministry and appeals to a survey of Agriculture Production. Conab responds to the Agriculture ministry and surveys grains and oilseeds harvests.
Likewise IBGE works with the normal calendar (January/December) while Conab works on a crops-year which extends from April to March the following year
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Up to now Soy prices were just dropping. Couple this with the US record crops and China's ”maintaining levels....should send prices falling like a rock. I wonder how that helps Argentina's financing plans for U$?Sep 19th, 2014 - 04:22 pm 0