Hamburg-based oilseeds analyst Oil World on Tuesday raised its forecast of Brazil's 2011 soyabean harvest by 0.5 million tonnes as crop yields were better than expected despite recent unfavourable weather. Oil World now forecasts Brazil's 2011 soyabean crop at a new record 72.5 million tonnes compared with 72 million tonnes it forecast in April and 70.5 million tonnes expected in March. Brazil harvested 68.6 million tonnes in 2010.
The estimate compares with 72.2 million tonnes forecast by Brazilian government agency Conab in April. "Soyabean production this year is likely to turn out higher than expected," Oil World said. Brazilian harvesting was almost completed in most regions and a record area was planted with soyabeans, it said.
"Record yields were achieved, primarily in Mato Grosso, Parana and Rio Grande do Sul, the three-largest Brazilian soyabean producing states," Oil World said. Soyabean plants in Brazil, the world's second-largest soya exporter after the United States, suffered heavy rain at a vulnerable time just before harvesting but the impact was not as bad as feared, it said.
The large crop will mean Brazil's soyabean exports will speed up in May and June, it said. Argentine soyabean harvesting is making good progress although yields are down on the year after unfavourable weather, Oil World said. Oil World said it is currently retaining its forecast of Argentina's 2011 soyabean crop of 49.0 million tonnes, down from 53.9 million tonnes last year.
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