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Brazil Soy Forecast Cut After Drought Parched Crops, Conab Says

Soybean growers in Brazil, the world’s second-largest producer after the U.S., will harvest less than previously estimated after a drought in the country’s south parched crops, the government said.

Growers will harvest 69.2 million metric tons of soybeans in the crop year that started Sept. 1, less than the 71.8 million tons estimated on Jan. 10, Conab, the government’s crop-forecasting agency, said in an e-mailed statement today.

The La Nina weather pattern has triggered excessive heat and dryness in parts of Brazil, Argentina and Mexico, in past months, damaging crops.

Corn producers in Brazil, the world’s third-largest grower, will harvest 60.8 million tons of the grain in the current crop year. The forecast was raised from 59.2 million estimated previously.

Brazil produced 57.4 million tons of corn and 75.3 million tons of soybeans in the previous crop year.

The South American country’s corn output trails production in the U.S. and China.

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