Brazilian analyst Agroconsult revised up its estimate for the country's 2015/16 soya crop after field checks revealed that unfavorable weather had not damaged the crop as much as expected. The consultancy said Brazil's 2015/16 soya crop should reach 101.6 million tonnes versus 99.2 million tonnes seen in January, on the high end of most forecasts for the crop.
It projected Brazil's 2015/16 first corn crop at 28.5 million tonnes compared to 27.9 million tonnes previously. The second corn crop was seen at 58.8 million tonnes versus 57.7 million tonnes in January. "During our trip to the northern part of Mato Grosso we noted that there is a problem (caused by the weather), but it is not widespread," said Marcos Rubin, a grains analyst at Agroconsult.
"We came to the conclusion that the situation was not as bad as we thought before coming to the area," he said. Mato Grosso is the top soya producing state in Brazil and some of its farms had below-average rains late last year. Agroconsult said field checks also showed potentially better agricultural yields in the states of Goias and Mato Grosso do Sul. But there are still some worries regarding crops more to the north, in the states of Maranhao, Piaui, Tocantins and Bahia, where seeding happened at a later period and rains were still needed.
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