February estimate drops by 1.3 percent with drought in Rio Grande do Sul in Brazil, but 2023 crop will still be a record

Published 2023년 3월 9일

Tridge summary

The Brazilian agricultural sector is expected to hit a new record in 2023, with a projected crop output of 298.0 million tons, marking a 13.3% increase from the previous year, as per the February estimate by the IBGE. This growth is primarily driven by the record production of soybeans and corn, despite a slight monthly reduction and the impacts of the La Niña phenomenon in Rio Grande do Sul. The total harvest area is anticipated to expand by 3.5% compared to 2022. However, rice production is expected to see a decline due to the drought in Rio Grande do Sul. The production estimates show a positive annual variation in five out of the six regions, with the South experiencing a notable decrease monthly. The LSPA, implemented in 1972, provides crucial estimates on key crops to monitor and forecast the harvest of the following year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Brazilian crop of cereals, legumes and oilseeds should reach a new record in 2023, totaling 298.0 million tons, according to the February estimate of the Systematic Survey of Agricultural Production (LSPA), released today (09) by the IBGE. The value is 13.3% or 34.9 million tons greater than the harvest obtained in 2022. In relation to January, the estimate recorded a reduction of 1.3% (3.9 million tons), the first drop since the beginning of the projections for 2023. Even so, the expectation is for record production of soybeans and corn in the year . The area to be harvested should be 75.8 million hectares, showing growth of 3.5% compared to the area harvested in 2022, an increase of 2.6 million hectares. In relation to the previous month, the area to be harvested increased by 36,592 hectares (0.0%). “In 2022, we saw a sharp drop in the soybean crop. In 2023, the product is recovering, with an increase of 21.3%. In addition, the corn crop is once again breaking a production ...

Source: Ibge