According to a report released by Hamburg's industry publication Oil World, the Brazilian soybean production forecast for 2018/19 is lowered to 117.5 million tons, 5.5 million tons lower than the previous month's forecast, and lower than the previous year's 120.7 million tons.
According to the report, soybean crops in parts of Parana, Mato Grosso do Sul and Mato Grosso have suffered irreparable damage, as the weather has been extremely dry so far in December and January.
The report pointed out that there is a shortage of soil moisture in northern and northeastern Brazil. If the rainfall in January continues to be lower than normal, the soybean crop may suffer further losses.
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