January 10, 2019 / 5:49 PM / 6 months ago

UPDATE 1-Brazil 2018/19 soybean crop forecast cut by 5.2 mln T - Agroconsult

(Adds more projections, comments from analyst)

SAO PAULO, Jan 10 (Reuters) - Brazilian agricultural consultancy Agroconsult slashed its forecast for Brazil’s 2018/2019 soybean crop by 5.2 million tonnes on Thursday, citing a dry spell that has hurt soy fields.

During a press conference ahead of a crop tour that starts next week, André Pessoa, a partner at Agroconsult, said Brazilian soy farmers are now expected to produce 117.6 million tonnes of the oilseeds this season, down from 122.8 million in a prior forecast.

“We are not going to repeat the record crop seen last season,” Pessoa said. Brazil produced 119.3 million tonnes of soybeans in the previous crop.

Areas in the south were hit by high temperatures and less-than-normal rains. In central Brazil, there were problems with too much rain, the analyst said.

Agroconsult projects soy exports in 2019 at 73 million tonnes, around 10 million tonnes less than in 2018.

The consultancy, however, expects a rebound in corn production. It forecast 2018/19 output at 95.6 million tonnes compared to 80.8 million tonnes in the prior season. Exports of the cereal were seen at 31 million tonnes in 2019. (Reporting by José Roberto Gomes; writing by Ana Mano and Marcelo Teixeira; Editing by Tom Brown)

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