The Brazilian 2018-19 soybean crop will fall to 115.34 million tons, as the effects of hot and dry weather in December and January are gradually taken into account, national crop agency Conab said on Tuesday.
The projection is down from 118.8 million in a January report and down from 119.28 million in 2017-18. In a report published in early December, Conab had projected the current crop at a record 120.07 million tons.
The drought impacted the pod-setting stages, mainly in fields planted early in the season. Due to that, plants did not reach their full potential, said Conab in reference to Mato Grosso, Brazil's largest grains producing state.
Conab added that 15% of the area planted in Parana state in September were the crops most affected by unfavorable weather.
Lower precipitation in December, combined with high temperatures and low air humidity, consolidated yield losses, it said.
The current estimate for Parana is 17.28 million tons, down from 19.18 million tons in January and from 19.17 million tons in the previous season.