Safras & Mercado raises estimates for soybean and corn production in Brazil

Maize (Corn)
Market & Price Trends
Published Apr 13, 2024

Tridge summary

Safras & Mercado, a consultancy, has updated its forecasts for Brazil's 2023/24 agricultural output, indicating an increase in the expected harvests of soybeans and corn. The soybean production estimate has been revised upwards to 151.25 million tons from an earlier prediction of 148.60 million tons, attributed to improved yields, though this figure is still 4.2% lower than the previous season's record of 157.83 million tons. Similarly, the corn production forecast has been slightly increased to 126.13 million tons from 125.86 million tons, yet it remains below the 140 million tons harvested in the 2022/23 season. These adjustments are based on enhanced productivity in certain areas, including Rio Grande do Sul for soybeans and the North and Northeast regions for corn.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

SÃO PAULO (Reuters) - The consultancy Safras & Mercado raised its expectations this Friday for the Brazilian soybean and corn harvests for the 2023/24 season. In a report, Safras stated that it now sees Brazil's soybean harvest in 2023/24 at 151.25 million tons, compared to 148.60 million in the previous projection, with better yields recorded. "The progress of harvesting work across the country reveals the reality of the Brazilian harvest, bringing the need for new adjustments in the average productivity expected for some states in the country", said Safras analyst and consultant, Luiz Fernando Gutierrez Roque, in a note . According to him, in the South the highlight was the positive adjustment in the State of Rio Grande do Sul, "with a large part of the crops demonstrating great potential". In the Central-West, there is an increase in the average productivity expected for Mato Grosso, where crops sown and harvested later brought much better results than those sown early, ...
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