Brazil's Conab raises 2024/25 soybean output estimate

SAO PAULO, April 10 (Reuters) - Brazil's national crop agency Conab on Thursday raised its forecast for 2024/25 soybean output in the world's largest producer and exporter to 167.87 million metric tones from 167.37 million tons.

Record oilseed productivity was registered in states such as Sao Paulo, Goias, Tocantins, and Mato Grosso, while Rio Grande do Sul continued to underperform due to poor weather conditions, Conab said in the report.

The agency also predicted local farmers will harvest a total corn crop of 124.74 million tons, including 97.89 million tons of second corn, which represents about three quarters of the country's output in a given year.

Farmers in Brazil normally sow their second corn crop after soybeans are reaped.

Conditions for planting the second crop were favorable in most producing regions, Conab said, while noting that in a few areas the reduction in rainfall in February and early March hindered the progress.

Corn planting is expected on 16.9 million hectares this crop season, 2.8% more than in the previous cycle, Conab said.