Brazil's soybean crop seen up 12.8% in 2024/25, Conab says
Adds context, quotes, planted area and corn crop forecasts from paragraph 2
SAO PAULO, Sept 17 (Reuters) -Brazil's soybean crop is expected to reach 166.28 million metric tons in 2024/25, up 12.82% from the previous season, national crop agency Conab said on Tuesday in a preliminary forecast for the new cycle.
The figures came from Conab's "Perspectivas" report, which does not include field research. The agency's first official estimates following field studies are set to be released on Oct. 15.
The initial projection for output growth in the world's largest soybean producer and exporter is based on a higher planted area - which is forecast to rise 3% to 47.4 million hectares (117.1 million acres) - and better yields, Conab said.
"Despite the pressure stemming from low prices, the oilseed continues to be profitable," it said. "Growing global demand, driven by increased crushing and biofuel production, fuels expectations of growth in exports and domestic crushing."
Conab also pegged Brazil's 2024/25 corn production at 119.8 million tons, a 3.6% year-on-year increase, but noted that exports would likely decrease 5.6% to 34 million tons.
The country's second corn crop, which represents 75% of the national output in a given year, was forecast to rise 4.14% to 94.02 million tons.
Its total grain and oilseed crop is set to reach a record 326.9 million tons in 2024/25, the agency added, up from the 302.2 million tons produced in the previous season.
Reporting by Roberto Samora; Editing by Emelia Sithole-Matarise
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