Brazil’s soybean crop in early 2017 is likely to reach a record 105 million tonnes against 95.4 million tonnes last year, helping to boost Brazilian soybean exports, Hamburg-based oilseeds analysts Oil World has forecast.
“Under the lead of Brazil, South American soybean exports are now increasing sharply,” Oil World said. “Brazilian exports will be up steeply from last year in February and for February/August 2017 we expect record Brazilian exports of 52.3 million tonnes, 4.5 million tonnes more than last year.”
Overall the weather has been positive for soybeans in Brazil with yields in some key growing states exceeding expectations, Oil World said.
Brazil competes with the United States for the position as the world’s largest soybean exporter.
The publication’s crop estimate compares to 104 million tonnes forecast by the U.S. Department of Agriculture on Feb. 9 and 107.8 million tonnes from Brazilian consultancy Agroconsult on Feb. 22.
But in Argentina, reduced plantings and some area abandonment after early-season floods will cut the country’s 2017 soybean crop to 54 million tonnes from 55.3 million tonnes last year, Oil World said.
This is a three-year low for the Argentine crop and follows a disappointing harvest in the country in 2016, it said.