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Soybean harvest has positive outlook in Brazil

Brazil's soybean harvest forecast is looking very positive according to analysts at Oil World in Hamburg, reports Reuters.

The harvest is estimated to increase from 68.6 millions tons last year to 70.5 million tons this year. Even taking into account possible deceases in harvest due to rain damage and climate change, the harvest is likely to be better than that of 2010.

"Yields obtained in most parts of Brazil have exceeded expectations. This may partly be due to the increasing share of genetically-modified soybeans, which are reportedly cultivated on 86 percent of the area this year compared with 72 percent last year," said the Oil World report.

Brazil experienced heavy rains in regions such as Mato Grosso, Goias and Mato Grosso do Sul. The decreases in harvest in these regions could be balanced by increased harvests in Parana, Rio Grande do Sul and other places in the north-eastern part of Brazil.

Despite the heavy rainfall and delays in harvesting, Oil World says that up to 72 million tons could be expected.

Brazil is the second largest exporter of soy in the world. The U.S. is the first. Brazil has a population of 203 million, according to the CIA Factbook, with 20 percent of the labor force working in agriculture.
 
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