The U.S. ag attache in Brazil has left its estimate of the 2013-14 soybean crop at 88 MMT, which is up from 81.456 MMT last season (82 MMT previously). The attache says soybean planting has gotten off to a relatively normal start. As a result of the record crop, the attache has raised its export forecast by 2 MMT to 45 MMT, which is up from 42.5 MMT last season.
The attache also notes that forward sales by farmers continues to be relatively slow amid stable prices. "Farmers are focused on planting and less on selling off the remainder of their last soybean crop," says the attache. "Of those who do sell, many are selling their soybeans on the domestic market, as domestic stocks are currently low and are commanding prices equivalent to FOB."