Grain crop outlook is positive
Surveys bring auspicious news regarding the harvest in Brazil. IBGE sees output increasing by 25% this year, and Conab estimates that the 2016/2017 crop will be 22% larger than the last one.
Rio de Janeiro – The 2017 grain crop estimate from last March is wider than the one from 2016, with the Brazilian Institute of Geography and Statistics (IBGE) seeing total cereal, legume and oilseed output increasing by 25.1% to 230.3 million tons, up from 184 million tons in 2016.
Brazil’s National Supply Company (Conab) also released its 2016/2017 crop forecast. It sees production widening by 22.1% or 41.3 million tons to 227.9 million tons, up from 186.6 million in the last season. Conab imputed the increase to wider area and good average yields, since crops weren’t faced with adverse weather conditions like last year.
The IBGE’s forecast concerns the ongoing year, whereas Conab makes crop-year calculations, hence the fact that the estimates do not match one another.
*Translated by Gabriel Pomerancblum