Palm | Kelapa Sawit

SAO PAULO, Aug 24 (Reuters) - Brazil's grain industry association Abiove expects the world's No. 2 soy producer to turn out a record new crop of 81.3 million tonnes, possibly surpassing output from the drought-stricken United States for the first time, Abiove said on Friday.


Increased output should cause exports of the crop that will be planted starting from Sept. 15 to soar to 37.5 million tonnes, beating the previous 33.8-million-tonne export record from the 2010/11 crop.

A record 2012/2013 soybean harvest from Brazil would be welcomed by global policymakers since drought in the top-producing United States has driven up future prices and stirred up memories of the 2008 food riots.

Spot soybeans Sc1 rose 1 percent in Chicago on Friday, close to an all-time high ahead of final crop estimates from the Pro Farmer tour of the dry U.S. Midwest. (Full Story)

"Brazil will be the largest producer in the world if the United States doesn't recover from the averse climate," Abiove said in a report.

Abiove also raised slightly its export forecast for the 2011/2012 crop that finished harvest in May to 30.5 million tonnes from 30 million tonnes in its previous forecast.

Most of the exports from the meager 66.6-million-tonne crop have already been shipped. Sales abroad slipped to 4.13 million tonnes in July, down 15 percent from June. (Full Story)

June through September are typically the peak export month for soybeans, but lower output from Brazil and worries about dwindling supplies after the U.S. drought encouraged earlier sales this year.

Abiove does not explain why it adjusts its estimates, which are based on a survey of associated crushing plants.