Brazil lowered its forecasts once again for the soybean harvest, an opportunity for Uruguay?

Published Feb 27, 2024

Tridge summary

Brazil's 2023/24 soybean crop is projected to decrease to 147.7 million metric tons, a reduction from the previous forecast of 150.1 million tons, due to poor weather conditions causing yield losses, as per consulting firm AgRural. The states of Paraná and Mato Grosso do Sul are particularly affected. In contrast, Uruguay's agricultural sector is targeting a production of 3 million tons of soybeans, despite a drop in international prices and a significant decrease in exports last year due to drought.
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Original content

Brazil's 2023/24 soybean crop will reach 147.7 million metric tons, consulting firm AgRural said Monday, lowering its January forecast from 150.1 million tons following yield losses in major soybeans. producing areas due to bad weather; Meanwhile, Uruguay expects a harvest of 3 million tons of soybeans. Farmers in the world's largest soybean producer and exporter have had to deal with hot, dry weather this season, prompting government agencies and private consulting firms to lower production forecasts. AgRural has cut its estimates several times since late last year. In November, before a heat wave with days of above-average temperatures in the central-west and southeast of Brazil, the consultancy's forecast was 164.6 million tons. The latest cut, according to a statement from AgRural, is related to yield losses in the states of Paraná and Mato Grosso do Sul due to irregular rains and heat in January and February. The new estimate is known at a time when the soybean harvest is ...
Source: Agromeat
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