Higher estimates for Brazilian soybeans lead to an upward revision in the agricultural harvest

Published 2024년 5월 14일

Tridge summary

The Brazilian Institute of Geography and Statistics (IBGE) has revised the forecast for the country's 2024 agricultural harvest, increasing it by 0.4% to 299.6 million tons, up from the March survey. This is despite an overall expected decline of 5.0% compared to 2023. The revisions show increased production estimates for soybeans, sorghum, potatoes, beans, barley, tomatoes, rice, and oats. However, decreases are expected in cocoa, wheat, 3rd harvest beans, potato 2nd harvest, corn 1st and 2nd harvests, and beans 2nd harvest. The largest increases in production estimates were in Goiás and Pará, while the largest drops were in Paraná, São Paulo, and Minas Gerais.

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

Original content

Increases in estimates for soybean production led to a revision in the forecast for the Brazilian agricultural harvest in April compared to March. The data comes from the April Systematic Survey of Agricultural Production, released this Tuesday morning (14), by IBGE (Brazilian Institute of Geography and Statistics). The 2024 agricultural harvest is expected to total 299.6 million tons, 15.8 million tons less than the 2023 performance, a decline of 5.0%. The result is 1.2 million tons, higher than predicted in the March survey, an increase of 0.4%. In relation to March, there were increases in production estimates for soybeans (up 0.9% or 1.380 million tons more), sorghum (+6.6% or +249.743 thousand tons), potatoes 3rd harvest (+6. 8% or +73,719 thousand tons), potatoes 1st harvest (+2.6% or +44,750 thousand tons), beans 1st harvest (+0.8% or + 7,893 thousand tons), barley (+0.6% or + 2,600 thousand tons), tomatoes (+0.5% or +20,164 thousand tons), rice (+0.3% or +32,234 thousand ...

Source: Economia