Brazil raises 2016/17 soybean output forecast to 114mn T

SAO PAULO: Conab, Brazil's agricultural statistics and food supply agency, on Thursday raised its estimate for the country's 2016/17 soybean crop to 114 million tonnes from 113.92 million tonnes in July, citing an increase in planted area.

The agency also reviewed its total corn estimate for the current season to 97.2 million tonnes from 96 million tonnes last month, also mentioning an increase in planted area.

Brazil's total grain crop is expected to reach 238.2 million tonnes, 27.7 percent more than in the previous season due to favorable climate and productivity gains, Conab said.