In this morning's World Supply & Demand Report, USDA raised its 2012-13 Brazilian soybean crop estimate by 1 MMT to a record 83.5 MMT -- up 17 MMT from last year's drought-reduced crop. It notes that it left area unchanged at a record 27.5 million hectares, but yield of 3.04 tons per hectare is up from 2.66 tons last year and a five-year average of 2.85 tons.
"Yield prospects for Brazil soybeans have improved due to good early-season conditions in the key states of Mato Grosso, Parana and Bahia. In late January 2013 analysts from the Foreign Agricultural Service traveled through Brazil’s main soybean producing state, Mato Grosso, and a key swing state, Bahia. Soybean crop conditions in both states were observed to be very good. Harvesting of the early soybean varieties has started in Mato Grosso, and soybean yields are reported by contacts in the region to be as good as last year. In Bahia contacts are expecting soybean yields to be significantly better compared to the drought induced lower yields of last year," says USDA. "Rains during the harvest of the early season varieties in Mato Grosso are causing some delays and may affect the quality of the early soybeans, but the rains are boosting yield potential for the medium and long-cycle soybeans. The main soybean harvest in Mato Grosso will commence in late February. Brazilian farmers enthusiastically reacted to high soybean prices this year and increased area 10 percent to a record 27.5 million hectares. Brazil is the world’s largest producer of soybeans, surpassing the United States this year when the United States suffered its worst drought in 50 years."
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