hEDGEpoint updates Brazilian 23/24 soybean harvest estimate to 150.1M tons

Sustainability & Environmental Impact
Market & Price Trends
Published Feb 28, 2024

Tridge summary

Brazil's soybean production is facing reductions, with the USDA estimating 156M tons and Conab reducing its estimates to 149.4M tons. hEDGEpoint's February crop number is 150.1M tons, a decrease from January's 153.4M tons, due to a poor start to the harvest. However, improved weather conditions in January have helped to limit further losses. A significant portion of the harvest is still in the reproductive stages, especially in the producing states at the extremes, Rio Grande do Sul and MATOPIBA. Despite some states' plant health and productivity remaining close to the 20-year average, hEDGEpoint expects the numbers to continue to fall, albeit at a slower pace due to better conditions and a smaller share of production at risk.
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

Another month and new cuts were made in Brazilian soybean production. This time, however, it looks like the changes are getting smaller month by month. An important divergence remains in the market. While the USDA maintains a high number of 156M ton (-1M ton M/M), Conab has reduced its estimates to 149.4M ton (-6M ton M/M), which is more in line with other agents. “Following these important reports, we intend to update our harvest number and show a little of what is behind it. First, let's deliver the gold: hEDGEpoint's February crop number is 150.1M tons, down from January's 153.4M tons. Further consolidation of losses due to the poor start of the harvest was one reason. However, weather conditions were better in January, which helped to stop the bleeding”, says Pedro Schicchi, Grains & Oilseeds analyst at hEDGEpoint Global Markets. “During last month's review, we were right in the "eye of the storm." This time, although we are not out of the woods yet, the number of crops that ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.