SAO PAULO: Brazil's 2018/19 soybean crop estimate was cut by almost 4.5 million tonnes, agribusiness consultancy AgRural said on Monday, as it cited unfavorable climate conditions in key producing states.
AgRural now predicts Brazil's output at 112.5 million tonnes this season, down from a forecast 116.9 million tonnes last month, due to hot and dry conditions in soybean fields.
"If the forecast is confirmed, it will be the country's smallest harvest in three crops," the consultancy said.
Earlier this month, broker and consultancy INTL FCStone lowered its Brazilian soy forecast for the same reason.
AgRural cut production forecasts for all Brazilian states except three because of the unfavorable climate conditions. The states most hit by drought have so far been Paraná, Mato Grosso do Sul and Mato Grosso, Brazil's top grain producer, AgRural said.
At the same time, Brazil's 2018/19 soybean harvest is very advanced at 26 percent of the planted area, compared with 10 percent a year ago and the five-year average of 12 percent, according to the consultancy.
In Mato Grosso, where about 32 million tonnes of the oilseed will be produced this season, the harvest has reached 57 percent of the planted area, AgRural said.
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