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StoneX raises Brazil's soybean harvest to 151.5 million tons, in a rare monthly increase in 2023/24

Soybean
Published Mar 2, 2024

Tridge summary

Brazil's soybean harvest for 2023/2024 is expected to reach 151.5 million tons, a 1.15 million ton increase from the previous forecast, due to improved climate conditions in the northern states, says StoneX. However, this would still be a 4% decrease from the previous season. The consultancy also kept its figures for soybean exports and domestic consumption unchanged at 93 million tons and 57.5 million tons, respectively. On the other hand, Brazil's corn harvest for 2023/24 is projected to be 124.44 million tons, a significant decrease from the previous record of over 139 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 (Reuters) - Brazil's soybean harvest in 2023/2024 was estimated this Friday at 151.5 million tons, an increase of 1.15 million tons compared to last month's forecast, with an improvement climate change in states in the north of the country, according to a projection by the consultancy StoneX. A monthly increase in soybean harvest estimates, hit by drought and heat, was rare in Brazil's 23/24 season. But StoneX indicated a climate improvement due to recent rains, after repeated cuts in forecasts. "The increase in Brazilian production is due to more optimistic prospects for yield in the states of Goiás, Maranhão, Tocantins, Piauí, Pará and Bahia," StoneX said in a report. "Over the last few weeks, good amounts of precipitation have been observed in most of the soybean producing regions, which has benefited the condition of crops, especially those planted later." If the current harvest projection is confirmed, with harvest already carried out in around half of the total ...
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