Two more consultancies slash forecasts for Brazil's soybean crop
02/02/2022 20:39
SAO PAULO, Feb 2 (Reuters) - Agribusiness consultancies Cogo
and Datagro on Wednesday slashed their forecasts for Brazil's
2021/22 soybean production, joining a series of private firms
that cut their estimates earlier in the week as bad weather
affects the crop outlook.
Cogo said it now sees oilseed output reaching 125 million
tonnes, down from a previous forecast of 131 million tonnes and
14.2% below its initial projection for this season.
Cogo's managing partner Carlos Cogo said in a report sent to
Reuters that further downward revisions are not ruled out yet.
Datagro estimated Brazil's soybean crop at 130 million
tonnes, versus 142.05 million in its December projection and
144.06 million tonnes initially forecast for 2021/22, citing
weather problems caused by the La Nina weather pattern.
Flavio Roberto de Franca Junior, Datagro's head of grains,
said in a statement that the new forecast comes as rainfall
levels dropped in Brazil's three southernmost states, as well in
western Sao Paulo and southern Mato Grosso do Sul states, from
November.
Datagro said the drought's impact on production would have
been larger if planted area had not grown 3.7% year-on-year to
40.51 million hectares (100.1 million acres).
Cogo's and Datagro's new forecasts come as private
consultancies AgRural, AgResource and StoneX also trimmed their
output estimates earlier in the week. They all see Brazil's
soybean crop now falling short of the 130 million-tonne
threshold. urn:newsml:reuters.com:*:nL1N2UB0P0 urn:newsml:reuters.com:*:nS0N2SV05I
Brazil's food supply and statistics agency Conab is expected
to release its new official forecast on Feb. 10.
(Reporting by Roberto Samora and Nayara Figueiredo; Writing by
Gabriel Araujo
Editing by Marguerita Choy)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))