News

Agriculture wants more resources for insurance in the face of crop losses in Brazil

Maize (Corn)
Brazil
Innovation & Technology
Soybean
Sustainability & Environmental Impact
Published Dec 1, 2023

Tridge summary

The Ministry of Agriculture in Brazil has requested an increase of 3.5 billion reais in its budget for 2024 due to concerns about crop harvests. Drought in the North and Center-West regions and excess rain in the South have impacted corn and soybean production. The ministry aims to use some of the funds for rural insurance to help mitigate the effects on producers, but the increase in budget has not yet been approved by the Treasury.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

By Lisandra Paraguassu The resources, not yet approved by the Treasury, would be used in part for rural insurance, in an attempt to mitigate the effects on producers. According to the special advisor to the Ministry of Agriculture Carlos Ernesto Augustin, the outlook for the two harvests is not good. The ministry's forecast is for a reduction in the area of the second corn harvest in the country, with a worse harvest next year compared to 2023. Soybean production is also expected to fall after producers sow the crop later and face adverse weather conditions, according to Augustin. Private analysts have made significant cuts to estimates, which point to a drop of millions of tons compared to the last cycle. "If there is no improvement in the price, there will be problems, there will be losses. We have to prepare for that", said Augustin. "What we are predicting is a delay in planting, a reduction in productivity. It will be a very difficult year," he stated. According to him, ...
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