New estimates for Brazilian soybeans point to a harvest below 150 million tons
Sustainability & Environmental Impact
Market & Price Trends
Published Feb 10, 2024
Brazil's 2023/24 soybean harvest is projected to fall below 150 million tons due to harsh weather conditions, including strong heat and dry spells at the start of the season. Consultancies Safras & Mercado and Cogo Intelligence in Agribusiness estimate the harvest at around 149 million tons and 148.5 million tons respectively, marking a significant drop from the previous season. The delay in rainfall and high temperatures have led to a decrease in productivity, although late December rains have created a more favorable environment for crop development in the country's center-north region.
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.
SÃO PAULO (Reuters) - New estimates released by consultancies this Friday pointed to further reductions in Brazil's 2023/24 soybean harvest to less than 150 million tons, after a start to the season with strong heat and dry weather in some areas such as Mato Grosso. Safras & Mercado estimated the harvest in the world's largest soybean producer at around 149 million tons, a 5.5% drop in production from the previous season, compared to January's projection of 151.36 million tons. Cogo Intelligence in Agribusiness reduced the projection to 148.5 million tons, versus 155.2 million in the previous survey and 9.1% below the initial estimate of 163.4 million tons. "The delay in the onset of rain, followed by irregular and poorly distributed rainfall in several regions of the country, with summer periods exceeding 20 days, accompanied by high temperatures, will result in sharp drops in productivity", stated Carlos Cogo, partner- director of Cogo, in a note. Safras, in turn, said in a ...