The U.S. ag attache in Brazil estimates the country's soybean crop at 75 million metric tons (MMT) for 2011-12, below last year's record 75.3 MMT crop (an adjustment from USDA's current 2010-11 estimate of 75.5 MMT). The attache expects acreage at a record 25 million hectares, but for a yield slightly lower than last season's record.
USDA current estimates the 2011-12 crop at 73.5 MMT, signaling the potential for tomorrow's Supply & Demand Report to reflect the more optimistic view from the attache.
Additionally, the attache says producers are heavily investing last year's reports in inputs that will help boost yield. It also expects exports in 2011-12 to report strong, estimated at 34 MMT, up 4.6% from 2010-11.