Sicredi projects soybean harvest in Brazil below Conab with lower expectations for Rio Grande do Sul

Sicredi, the second largest financier of Brazilian rural producers, assesses that the estimate for the soybean harvest in Rio Grande do Sul is still overestimated by the National Supply Company (Conab), despite a further reduction in the forecast by the state-owned company this Thursday, and therefore projects a national harvest below 150 million tons. For the chief economist at Sicredi, André Nunes de Nunes, the official forecasts will converge to numbers closer to the estimate of the financial institution, which has its own team for harvest evaluations, as the harvest advances in the State that is among the largest producers in the country. Sicredi, which is second only to Banco do Brasil among the largest agribusiness financiers, with an offer of 50 billion reais for the 2022/23 season, estimates Brazilian production of the oilseed at 147 million tons, while Conab sees the national harvest at 151.4 million tons. Conab this Thursday reduced the Rio Grande do Sul crop from 18.9 ...