Brazil Government raises wheat crop forecast, trims soy
Brazil’s crop agency Conab is estimating Brazil’s 2014 wheat crop to be 7.37 million tons – 33% above last year’s crop on expanded sowing area. Farmers are expected to increase the area planted by 18.4% over last year as the crisis in Ukraine and adverse weather in the U.S. have caused global concerns about adequate supply. Weather conditions may not support such high yield however. Last year, Conab forecast a crop of 6.68 million tons and Brazil saw a harvest of 5.53 million tons. In the same report, Conab slightly lowered its forecast for the country’s soy harvest to 86.05 million tons – still remaining a record harvest. The agency also raised its corn output estimate to 77.8 million tons from 75.19 million tons, and raised its estimate for the country’s second corn harvest due to begin in August to 45.66 million tons from a previous estimate of 43.74 million tons.
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