Brazilian farmers are expected to collect 111 million tons of soybeans in the 2017/18 season, said consultancy firm Agroconsult, maintaining the same forecast it released in September.
Brazil's 2016/2017 crop is expected to reach 238.7 million tons which is 28% higher than the previous year, because of better climate conditions and improved productivity, according to Conab, the country's agriculture stats and food supply company. This includes 114 million tons of soybeans and 97.71 million tons of corn.
Brazilian farmers are discovering a serious obstacle to becoming one of the world’s top producers of soybeans: they’re running out of room to store all the unsold supply. The biggest harvest in the country’s history is poised to leave domestic inventories at a record, data from the processors’ group Abiove show.
Encouraging news for Brazil's economic recovery: industrial output increased in April for the first time since December and the trade surplus rose to a record US$ 7.661bn during May, according to government data. Exports boosted by a record soy crop and rising auto sales reached US$ 19.8bn and imports US$ 12.2bn
Rain showers forecast for this week should benefit soybean crops across Brazil and should not be heavy enough to hamper harvesting of the first shipments of the 2016-17 season, meteorologists said on Tuesday.
Brazil is getting ready for a blockbuster 2017 harvest and booming exports, amid favorable weather forecasts, according to recent estimates. With a plentiful harvest expected, Brazil’s National Grain Association predicts grain exports will rebound, with soybean exports of 60 MT in 2017, compared with some 51 MT for 2016. Corn exports will increase to 30 MT, compared with some 18.5 MT in 2016, the association reported.
Brazil and Argentina production estimates are going up, but hailstorms ruined soybean and corn crops in Argentina’s Santa Fe Province. However, La Niña is forecast to be relatively mild this year, according to NOAA forecasters.
Brazilian exports exceeded imports by US$23.6 billion in the first half of the year - a record for the period. In addition to the basic products, sales grew strongly with the sale of vehicles for Latin America. The data were released by the Ministry of Industry Trade and Services.
Domestic supplies of corn and soybeans will be tighter than expected in the United States as problems with crops in Brazil and Argentina have raised demand for U.S. supplies from overseas buyers, the U.S. Agriculture Department. In its latest monthly supply and demand report, the government cut its new-crop and old-crop ending stocks outlooks for both corn and soybeans by more than analysts had forecast.
As the soybean harvest gets under way in Brazil, analysts are having a clearer picture of whether the forecast record-setting crop will hit the century mark of 100 million tons despite hot and dry weather in Mato Grosso and northeastern Brazil as pods set and fill.