Brazil’s soybean farmers could see more crop losses

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Brazilian soy farmers face the prospect of more crop failures, a grain growers group said Friday, as a leading agribusiness consultancy revised its forecast for the country’s crop this year due to a drought that is hurting fields, Successful Farming reported. Such remarks contrast sharply with expectations earlier in the season, which began in September, when strong Chinese demand and favorable weather set local farmers on course to produce a new bumper crop. Consultancy INTL FCStone Inc. slashed its output projection by about 4 million tons to 116.25 million tons. Some regions could see a “catastrophic” crop as some regions, including Brazil’s new agricultural frontier Matobipa, have not seen a drop of water for some 30 days.