Agroconsult Adjusts Brazil Soybean View to 84.4 MMT

Brazil's 2012-13 soybean production will total 84.4 million metric tons (mmt), representing a substantial recovery from the 66.4 mmt produced during the last drought-hit season, said Agroconsult, a local farm consultancy.

The consultancy raised its forecast from 84.2 mmt following the conclusion of its Rally da Safra crop tour, which passed through the principle soy regions between January and March.

The bump came from the southern state of Rio Grande do Sul and Santa Catarina, where crops had reacted better than expected to the return of rain in January and February after a dry spell.

Southern production offset the losses registered in the Northeast following dry spells in October, December and January, said Andre Pessoa, director of Agroconsult at a press conference.

In Mato Grosso, the top producing state, rain affected early harvested beans, while Asian rust and caterpillar attacks clipped potential, but high yields in the south meant statewide yields were in line with last year.

Agroconsult's figure is at the top end of market forecasts, which range from 81 mmt to 84.5 mmt.

The Rally da Safra tour covers 12 states and 99% of Brazilian soybean production.