Brazil soy crop view raised to 111.6mn tonnes

SAO PAULO: Broker and consultancy INTL FCStone on Tuesday raised its projection for the Brazilian 2016/17 soybean crop to 111.6 million tonnes from 109.07 million tonnes seen in March.

FCStone analyst Ana Luiza Lodi said all important grains producing regions in Brazil, including the new frontier Matopiba, are likely to have record or near-record soybean yields this year, an opinion similar to that of other analysts recently.

She said the record crop will leave comfortable soy end stocks in the current season at close to 9 million tonnes compared with only 1.5 million tonnes in the previous season.

FCStone kept its numbers for corn production unchanged at 93.3 million tonnes. It said more rain is needed to guarantee a good second corn crop in Brazil, which accounts for two thirds of the total crop.

It pegged Brazil's 2016/17 corn exports at 28 million tonnes versus 18.9 million tonnes in the previous season, when part of the crop was impacted by drought.