The outlook for Brazil's 2011 soyabean harvest remains positive despite concerns about weather damage to crops in other South American countries, Hamburg-based oilseeds analysts Oil World forecast on Tuesday. Oil World has slightly raised its forecast of Brazil's 2011 soyabean crop to 67.5 million tonnes up from 67.3 million tonnes forecast in December and against 68.7 million tonnes harvested in 2010.
But this is still below the Brazilian government crop estimate on January 6 of 68.55 million tonnes. Harvesting is now starting. Concerns about damage from the La Nina weather pattern have caused concern about soyabean crop damage in other countries, especially Argentina, and have supported global soyabean prices in recent weeks.
"Soyabean crop prospects (in Brazil) are still largely favourable," Oil World said. "Farmers boosted sowings to a record of around 24.0 million hectares, up 0.5 million hectares from a year earlier." Recent rainfall had been better in most Brazilian soyabean regions compared to other South American producers, it said.