Brazil's 2019-20 grains and oilseeds harvest reached a 258mn t record as total acreage increased and yields performed well, despite some unfavorable weather conditions throughout the year.
The output marked a 4.5% increase over the prior season, the country's agricultural statistics agency Conab said on Wednesday in its final report on the 2019-20 season.
The result was supported by a 4% expansion in planted area to 66mn ha, while yields in general posted a 0.3% increase, even amid some episodes of drought and frosts in past months.
For soybeans, Brazil's main crop, production reached a historic high of 125mn tons, 4% higher year over year. That output is higher than the 121mn tons output forecast last month.
The agency pegged Brazil's corn output at a 102.5mn ton record, up from 100mn ton last season and 102.1mn ton estimated in August. Of the total, 75mn ton come from the winter crop, or safrinha.
Cotton lint harvest was seen at 3mn ton, up by 4% over last season, while wheat output might total nearly 7mn ton, up by 32%. The wheat crop is still being harvested in Brazil.
Conab made few adjustments on its estimates for agricultural exports and ending stocks. It still sees Brazil exporting 82mn tons of soybeans, 34.5mn tons of corn and almost 2mn tons of cotton lint in 2019-20.
The agency forecasts soybean crushing at 47.6mn t in 2019-20, with imports totaling 1mn t given the lack of supply internally after the record pace of exports so far this year.
For corn, the agency now expects ending stocks of 10.4mn ton, compared with 10.3mn ton estimated last month, as the harvest forecast was raised. Domestic consumption was pegged slightly higher month over month at 68.6mn ton.