Brazil's National Commodities Supply Corp., or CONAB, said on Monday it will release its latest official estimate of that country’s 2008-09 soy crop on Thursday.
CONAB in December narrowed its estimate of Brazil’s 2008-09 soybean crop to 58.8 million metric tons from a previous estimate of 58.4-59.3 million tons. That estimate compares with estimated 2007-08 production of 60 million tons.
Private estimates indicate that Brazil's soy production could be further impacted by continuing tight credit and dry weather in Parana state, the No. 2 producer, and Rio Grande do Sul state, the No. 3 producer.
For example, Glauco Monte, a soy consultant at FCStone in Sao Paulo, puts Brazil's soybean production as low as 58 million tons in 2008-09 if the prolonged dry weather has harmed the crop in the south of Brazil.