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UPDATE 1-Brazil's 2016/17 soy crop view raised to 109 mln t - FCStone
March 7, 2017 / 1:21 PM / 9 months ago

UPDATE 1-Brazil's 2016/17 soy crop view raised to 109 mln t - FCStone

(Adds analyst comments, estimates for soy exports, corn output)

SAO PAULO, March 7 (Reuters) - The 2016/17 Brazilian soybean crop could reach 109.07 million tonnes, almost 15 million tonnes more than in the previous season, as record yields in several states boost output prospects, broker and analyst INTL FCStone said on Tuesday.

FCStone’s new Brazil soy projection is almost 5 million tonnes bigger than its previous view from last month and reflects continuing favorable weather over most of the country’s soybean fields.

“Climate has been nearly perfect in a large part of the planted area. Even in regions which saw smaller precipitation levels, rains were evenly distributed, guaranteeing needed humidity for crop development,” soy market analyst Ana Luiza Lodi said.

As a result of the new projection, which is the most optimistic so far among independent analysts, FCStone has also raised its view for Brazilian soy exports in the 2016/17 crop year to 59 million tonnes from the 57 million tonnes projected in February. In the previous season Brazil exported 51.6 million tonnes.

The broker expects a larger corn output as well, saying the weather has been favorable for the cereal in the same way as for soybeans. It projected Brazil’s total corn crop at 93.3 million tonnes versus 91.5 million tonnes seen last month.

Most of Brazil’s corn production takes place later in the year, after farmers finish the soy harvest.

Reporting by Marcelo Teixeira; Editing by Chizu Nomiyama

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