Brazil soybean farmers to gather document crop at the same time as drought disrupted planting -poll

By Nayara Figueiredo

SAO PAULO, Jan 22 (Reuters) – Brazilian farmers are poised to reap a document harvest of 132.2 million tonnes of soybeans in 2021 regardless of a drought that delayed plantings, in accordance with the common of estimates in a ballot of 13 analysts on Friday.

In December, the consensus forecast confirmed farmers would harvest 131.79 million tonnes of soybeans, which is Brazil’s most prized export commodity. Final yr, farmers produced virtually 125 million tonnes, in accordance with authorities knowledge.

The return of rains and good productiveness in some areas have improved the outlook for this yr’s crop after a considerably worrying begin, the ballot confirmed.

“Rainfall in December and January was capable of mitigate the shortage of rains initially of the harvest,” mentioned Céleres’ market analyst Daniely Santos.

Whereas yields in Brazil’s high grain state of Mato Grosso will possible fall as a consequence of final yr’s dry local weather, the outlook is constructive in lots of different states, IHS Markit market analyst Aedson Pereira mentioned, citing “stunning” ends in Mato Grosso do Sul and Goiás, amongst others.

“Mato Grosso has at all times been the state that pushed soybean productiveness averages upwards,” mentioned André Pessoa, president of Agroconsult. “However this yr, it’s the one which requires essentially the most consideration.”

Brazil’s dry climate helped gasoline a soy value rally in Chicago in latest months. However on Friday, soybeans have been down for the fourth time in 5 periods as improved South American crop climate eased considerations a few drought-shortened harvest.

Robust demand from consumers like China has restricted declines.

Brazil, the world’s largest producer and exporter of soybeans, is forecast to export some 83 million tonnes of soybeans this yr, primarily to China, analysts say.

(Reporting by Nayara Figueiredo Writing by Ana Mano Enhancing by Rosalba O’Brien and Steve Orlofsky)

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