Monday, June 18, 2012

RTRS-Brazil grain industry raises '11/'12 soy estimate

SAO PAULO, June 14 (Reuters) - Brazil's grain industry association Abiove said on Thursday it estimates the 2011/12 soybean crop that finished harvest in May at 66.2 million tonnes, up slightly from the 65.9 million tonnes forecast in April.

Brazil harvested a record 75.2 million tonnes of soybeans in the previous crop. Drought over the grain belt cut the current crop's potential by about 10 million tonnes.

The association said it expects exports of soybeans to reach 30 million tonnes, unchanged from the previous forecast. Brazil exported a record 33.8 million tonnes from the 2010/11 crop.

Abiove does not explain why it adjusts its estimates, which are based on a survey of associated crushing plants.