IBGE: lower estimate for soybeans, corn and wheat pushes downward revision for the 2024 Brazil agricultural harvest

Maize (Corn)

Published Mar 13, 2024

Tridge summary

The Brazilian Institute of Geography and Statistics (IBGE) has revised its 2024 agricultural harvest forecast, predicting a 4.7% decline from 2023 to 300.7 million tons. This is due to lower estimates for soybean, corn, and wheat harvests. However, increases are expected in the production of 2nd harvest beans, canephora coffee, 1st and 3rd harvest beans, cocoa, and tomatoes. The production of beans and rice is sufficient to meet domestic demand, aiding in the fight against inflation.

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Original content

By Daniela Amorim Rio, 03/12/2024 - Reductions in estimates for soybean, corn and wheat harvests led to a revision in the forecast for the Brazilian agricultural harvest in February compared to January. The data comes from the February Systematic Survey of Agricultural Production, released today by the Brazilian Institute of Geography and Statistics (IBGE). The 2024 agricultural harvest is expected to total 300.7 million tons, 14.7 million tons less than the 2023 performance, a decline of 4.7%. The result is 2.7 million tons lower than predicted in the January survey, a drop of 0.9%. There were declines in production estimates for soybeans (-0.8% compared to January forecast, or -1.162 million tons), corn 1st harvest (-3.0% or -782.970 thousand tons), wheat (-6.6 % or -682.744 thousand tons), corn 2nd harvest (-0.1% or -53.547 thousand tons), barley (-14.9% or -72.354 thousand tons), oats (-6.2% or -75.958 thousand tons ), potatoes 1st harvest (-2.0% or -33,622 thousand tons), ...

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