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Brazil Soy Forecast Cut to 69.8 Million Tons

(Corrects previous forecast in second paragraph.)

March 5 (Bloomberg) -- Soybean growers in Brazil, the largest producer after the U.S., will harvest less of the oilseed than previously expected after a drought damaged crops, forecaster Celeres said.

Output in the crop year that started Aug. 1 will drop 6.7 percent from a year earlier to 69.8 million metric tons, Celeres said in an e-mailed report. The estimate was cut from 72 million estimated on Feb. 6.

To contact the reporter on this story: Carlos Caminada in Sao Paulo at ccaminada1@bloomberg.net

To contact the editor responsible for this story: Carlos Caminada at ccaminada1@bloomberg.net

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