ABIOVE estimates Brazil 2018 soybean crop at 108m mt

Brazil will produce 108.8 million mt of soybeans in 2018, according to the latest estimate by the association of industrial vegetable oils (ABIOVE), up 300,000 mt on its previous projection in early October.

Exports will rise to 66 million mt from 64 million mt, while estimates of the final stock fell to 7.8 million mt from 9.8 million.

Last month Brazil’s food supply statistics agency Conab forecast that production would reach 107 million mt on yields of 3.01 tonnes per acre.

That yield figure is down around 9% year on year. Conab will publish its new estimates on Thursday.