Brazil Forecast: Less Grain, More Meat

     In its eighth estimate of the 2004 agricultural harvest in Brazil, the Brazilian Institute of Geography and Statistics (IBGE) forecasts a volume of 119.386 million tons, 3.43% less than the 123.632 million tons harvested in 2003.

    The most recent forecast is also 0.08% lower than the IBGE’s previous estimate, in July, of 119.479 million tons.


    The IBGE also released its Quarterly Survey of Animals Slaughtered, which indicates a 7.62% increase in cattle butchered, when compared with the first quarter of 2004, and a 25.22% increase in comparison with the second quarter of 2003. 6.426 million head of cattle were slaughtered in the country between April and June.


    With respect to milk production, the study indicates a 9.24% decline in the second quarter, when compared with the first quarter of 2004, but a 4.72% increase in comparison with the second quarter of 2003.


    Financing


    The National Economic and Social Development Bank (BNDES) will disburse US$ 2.8 billion (8.5 billion reais) on programs to finance the 2004/2005 growing year, which commenced July 1 of this year and will end June 30, 2005. The amount should be 21% greater than the credit distributed in the previous growing year.


    The bank’s chief program for the agricultural sector, the Moderfrota, has a budget of US$ 1.8 billion (5.5 billion reais), 144% more than in 2003/2004. The Moderfrota finances the purchase of tractors and agricultural implements, harvesters, equipment, and machinery for preparing, drying, and processing coffee beans.


    Agência Brasil
    Translator: David Silberstein

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