Brazil: Conab lowered soybean estimate by 0.33 mt to 146.52 mt and corn down by 1.79 mt to 110.96 mt

Published Apr 16, 2024

Tridge summary

Conab's April Crop Report for the 2023/24 season in Brazil indicates a decrease in the country's soybean and corn production, with soybeans forecasted at 146.52 million tons and corn at 110.96 million tons. This reduction is attributed to adverse weather conditions, a slight increase in soybean acreage but lower yield, and a decrease in both acreage and yield for the safrinha corn, which is a significant component of Brazil's corn output. The report highlights several challenges impacting these crops, including delayed soybean planting, low corn prices, and a shift by some farmers to alternative crops, all contributing to the year-on-year decline in production.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In their April Crop Report, Conab lowered the 2023/24 Brazil soybean estimate 0.33 million tons to 146.52 million. For corn, Conab lowered the 2023/24 Brazil estimate 1.79 million tons to 110.96 million. Conab is now estimating the 2023/24 soybean acreage at 45.23 million hectares (111.7 million acres) which is up 65,000 hectares from the March estimate and up 2.6% year-on-year. The soybean yield is now estimated at 3,239 kg/ha (48.2 bu/ac), which is down 0.2 bu/ac from the March report and down 7.7% from last year. Brazil’s 2023/24 soybean production is now estimated at 146.52 million tons, which is down 8.0 million tons or 5.2% year-on-year. Brazil’s 2023/24 corn production was lowered 1.79 million tons from the March estimate due to almost entirely a lower safrinha corn production. The safrinha acreage was increased 26,000 hectares to 15.77 million hectares (38.95 million acres), but it is still down 8.2% compared to last year. The substantial change for the safrinha crop was ...
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