Brazil Soy, Corn Forecasts Raised on Favorable Rains

Soybean farmers in Brazil, the world’s largest grower after the U.S., will produce more than previously forecast this year as rains boost crop yields, the Agriculture Ministry said.

Growers will harvest 70.1 million metric tons of the oilseed, more than the 68.6 million tons estimated on Jan. 6, the ministry’s crop forecasting agency, known as Conab, said in an e-mailed report today. Brazil produced 68.7 million tons of soybeans last year.

Corn growers will harvest 54.5 million tons of the grain, more than the 52.7 million tons forecast last month, the ministry said. Output will fall from 56 million tons in 2010.

(Source: http://www.bloomberg.com/news/2011-02-09/brazil-soy-corn-forecasts-raised-on-favorable-rains-correct-.html)