Soy: StoneX raises Brazil's harvest estimate to 151.55 million tons

Maize (Corn)
Market & Price Trends
Published Mar 2, 2024

Tridge summary

StoneX has revised its forecast for Brazil's 2023/24 soybean harvest to 151.55 million tons, a 0.8% increase from previous estimates, despite being 4% lower than the previous year's record. This is due to favorable conditions in several states, including recent rainfall. However, a significant portion of the harvest is yet to be collected. The consultancy also predicts a slight decrease in the corn second harvest to 96.33 million tons, due to a reduction in the expected planted area in Minas Gerais. The total corn production for 2023/24 is estimated at 124.44 million tons.
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

São Paulo, 03/01/2024 - StoneX raised its estimate for the 2023/24 soybean harvest in Brazil by 0.8%, from 150.35 million to 151.55 million tons. Compared to last year's record of 157.9 million tons, production is 4% lower. According to the consultancy, the adjustment is due to more optimistic prospects for income in the States of Goiás, Maranhão, Tocantins, Piauí, Pará and Bahia. "Over the last few weeks, good amounts of precipitation have been observed in a large part of the soybean producing regions, which has benefited the condition of crops, especially those planted later", said the consultancy, noting, however, that a considerable part of the harvest still needs to be collected and there may be further revisions. Exports were maintained at 93 million tons and domestic consumption at 57.5 million tons. As a result, the projection of ending stocks was raised from 2.06 million to 3.25 million tons. As for corn second harvest 2023/24, StoneX calculated it at 96.33 million tons. ...
Source: Broadcast
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