According to a report on DTN, Agroconsult is the first major forecaster to peg the 2010-11 Brazilian soybean crop at over 70 million metric tons as fears of a La Nina-related drought subside. The firm raised its forecast to 70.3 million tons, up from 68.4 million in December and outstripping last year’s record of 69 million tons.
An Agroconsult spokesman says as the harvest season begins, the crop looks great in all parts of Brazil. In his words, “it looks like a bumper crop.”