Brazil's 2016-17 soyabean crop will reach a record 104.7 million tonnes, favoured by good weather as the harvest gains pace in important growing regions, according to an average of 19 analysts and groups polled by Reuters on Wednesday. The latest estimate is up from a January poll that put the crop at 103.5 million tonnes. It would represent an increase of 9.7 percent over the 2015-16 harvest.
The confirmation of a huge crop in Brazil, world's largest exporter, should boost global supplies, potentially keeping prices under pressure. "I believe the crop is sure to be somewhere above 103 million tonnes," said Pedro Dejneka, partner at MD Commodities consultant, formerly AGR Brasil. On Wednesday, Agroconsult analysts raised their forecast to 105.3 million tonnes, from 104.4 million tonnes in early January, after the first results of the Rally da Safra crop tour.
"Samples and surveys taken on the field confirm a high potential for the new crop, and farmers are very optimistic with the early results," said Agroconsult's Valmir Assarice. Brazil's soyabean harvest reached 10 percent of the total planted area last week, the same pace seen a year ago, according to the AgRural consultancy firm.
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