HAMBURG, Feb 21 (Reuters) - Hamburg-based oilseeds analysts Oil World said on Tuesday it may again cut its forecast of Brazil's 2012 soybean crop because of continued poor weather and warned a global soybean production deficit is looming because of poor South American harvests.
"The total Brazilian soybean crop could turn out below our latest estimate of 69.5 million tonnes," it said.
Oil World had only made the forecast on Feb. 14, cutting the outlook from 70 million tonnes estimated on Jan. 31 and 72.8 million it forecast in December. This would be well down from the 75.3 million tonnes of soybeans Brazil harvested in 2011.
Concern about deteriorating South American soybean crop prospects after dry weather supported global soybean prices in the past week. [ID:nL4E8DE2OY] The United States is the world's largest soybean exporter, followed by Brazil in second place and Argentina in third position.
U.S. analyst Michael Cordonnier lowered his Brazilian soybean estimate by a million tonnes on Feb. 14 to 69.0 million tonnes, 3 million below the U.S. Department of Agriculture's current forecast. The official Brazilian estimate on Feb. 9 was 69.23 million tonnes.
"The total Brazilian soybean crop could turn out below our latest estimate of 69.5 million tonnes," it said.
Oil World had only made the forecast on Feb. 14, cutting the outlook from 70 million tonnes estimated on Jan. 31 and 72.8 million it forecast in December. This would be well down from the 75.3 million tonnes of soybeans Brazil harvested in 2011.
Concern about deteriorating South American soybean crop prospects after dry weather supported global soybean prices in the past week. [ID:nL4E8DE2OY] The United States is the world's largest soybean exporter, followed by Brazil in second place and Argentina in third position.
U.S. analyst Michael Cordonnier lowered his Brazilian soybean estimate by a million tonnes on Feb. 14 to 69.0 million tonnes, 3 million below the U.S. Department of Agriculture's current forecast. The official Brazilian estimate on Feb. 9 was 69.23 million tonnes.
