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Brazil cuts soybean production forecast again

The Brazilian state of Parana, one of the largest grain producers in the South American country, has again cut its 2021/22 soybean crop forecast due to severe drought.

Deral State Forecasting Department said on Thursday that soybean production for this season is 12.83 million tons, down 35% from 2020/21 and lower than the previous forecast of 18.4 million tons that Deral published at the end of December.

An emergency assessment conducted after January 1 showed about 13.1 million tons, Deral said.

Since the start of the season, Parana had been expecting to harvest a record 21 million tons of soybeans in 2021/22 as planted area increased and the weather looked good, but that forecast was shattered by the La Niña weather event, which brought low rainfall and high temperatures, oilworld reports.

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