Brazil's agriculture ministry now projects soybean production to fall below last year's level based on the potential for the La Niña weather phenomenon to cause adverse growing conditions in early 2008.
The National Commodities Supply Corp. (CONAB), the supply arm of the agriculture ministry, pegs Brazil's 2007-2008 soybean crop at 58.1 million metric tons (mmt), down from a previous estimate of 59.4 mmt and its 2006-2007 crop estimate of 58.4 mmt.