Safras & Mercado analysts increased their estimate of soybean production in Brazil in 2017/18 by 1.7 MMT to 115.6 MMT. This is 1.2% higher than last year.
Safras raised its previous estimate due to expectations of better yields in states such as Goiás, Mato Grosso do Sul, Minas Gerais and São Paulo, reported Reuters.
According to Safras & Mercado, the planted area of soybeans in Brazil reached 35.25 million hectares (87.1 million acres) this season, 1.44 million hectares more than the previous.
The growth of acreage will help to compensate for an expected decline in two leading producing states, Mato Grosso and Paraná, due to unsatisfying weather conditions. Heavy rains there delayed harvesting and field maturation.
France’s agriculture agency FranceAgriMer says the country’s 2017 corn crop is 14.8% higher despite a 2.6% decline in area, according to a report.
With new mature area entering full production and expectations for above trend yields, the 2017/18 Indonesian palm oil production forecast is maintained at 38.5 MMT, a 5.5 percent increase from 2016/17, stated in USDA report.