Conab raises Brazil 2016/17 soybean crop forecast to 113mn tonnes

SAO PAULO: Brazil's agricultural statistics agency Conab, for the fifth time this year, raised its estimate on Thursday for the country's 2016/17 soybean crop to 113 million tonnes.

The agency had previously estimated the soybean harvest, which is nearly complete, at 110.2 million tonnes.

Conab also forecast total corn output in the season of 92.8 million tonnes, compared to 91.5 million tonnes estimated last month, as favorable weather for grain production continues to boost agricultural prospects.

Soybeans and corn, which together account for roughly 90 percent of the grains produced in Latin America's largest economy, had productivity gains of 18.4 percent and 39.5 percent respectively compared to the previous season, Conab said.

Brazil's grain crop is now seen at a record 232 million, up 24.3 percent from the previous crop.

"The bumper crop is due to the growth in the planted area and good productivity," said the agency, adding it forecasts a 3.5 percent expansion in total planted area for grains to 60.4 million hectares.

Brazil is the world's second-largest soy and corn producer, behind the United States.