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Brazil lowers soybean and corn crop forecast

If projections are realized, the volume would decrease by 13.5 million tons compared to 2022/23.

17 January 2024
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Unstable weather conditions with scarce, poorly distributed rains combined with high temperatures in the central region of Brazil, in addition to heavy rainfall in the southern region, continue to cause delays in the planting of the crop and negatively influence the productive potential. If realized, the projected volume would represent a drop of 13.5 million tons compared to that harvested in 2022/23.

The country's main crop, soybeans, is expected to yield 155.3 million tons. The estimate was adjusted down by 4.2% with the first projections having pointed to a crop of 162 million tons. Poorly distributed rains and high temperatures negatively influenced both planting and crop development.

For corn, total production is estimated at 117.6 million tons, down 10.9% from the previous season. The drop is a reflection of a smaller planted area and a worsening of expected crop yields. The first crop, which represents 20.7% of production, has been experiencing adverse situations such as high rainfall in the Southern states and low rainfall accompanied by high temperatures in the West-Central area.

January 10, 2024/ CONAB/ Brazil.
https://www.conab.gov.br

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