Analysts Conab cut its forecast for the soybean crop in Brazil
In his next report, analysts Conab forecast soybean production in Brazil at the level of 96,6 million. This figure is slightly higher than last year's harvest at 96.2 million tons and is significantly lower than the previous forecast, which was released a month ago, according to which the harvest was to be of 98.7 million tons.
the Adjustment is carried out mainly by reducing the forecasts of soybean crop in the States of Mato Grosso (-0,95 million tons) and Bahia (down 0.6 million tons), oilseeds crops, which significantly suffered from the drought.
However, a number of experts considers that this forecast for some States, including Mato Grosso, is significantly underestimated, therefore the actual outcome of the harvest can be much more optimistic. At the same time, some analysts are of the opinion that the latest forecast of Conab are not fully taken into account the losses of soybean crop in the Northern States of Brazil, which also suffered due to unfavorable weather conditions.