Brazil's agricultural statistics agency Conab raised its estimate for the country's 2016/17 soyabean crop to 107.6 million tonnes on Thursday, more than 2 million tonnes above its previous forecast. The agency said corn output in the season should reach 88.9 million tonnes, compared to 87.4 million tonnes estimated last month, as favourable weather for grain production continues to boost crop prospects.
Brazil is the world's largest soyabeans exporter and has reached the halfway point in the oilseed's harvest with very good yields. The country is also expected to be a relevant player in the global corn market this year as output recovers from a strong dry spell in 2016 that reduced the cereal's production.
"Last year's crop was heavily impacted by the El Nino. But in the current crop climate conditions have contributed significantly to a good output expectation," said Conab in a report. The agency projects Brazilian soyabean exports at 59 million tonnes, compared to 51.5 million tonnes in the previous campaign. Corn exports are forecast at 24 million tonnes versus 18.8 million tonnes last season.
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