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StoneX raises forecast for 22/23 soybeans from Brazil, sees record corn despite delay in planting

Updated Mar 2, 2023
SAO PAULO (Reuters) -Brazil's 2022/23 soybean production is expected to reach a record 154.66 million tons, StoneX estimated on Wednesday, with an upward revision from the 154.21 million previously forecast, in addition to predicting a historic high for corn despite the delay in planting the second crop. If confirmed, oilseed production will grow 21.6% compared to the 2021/22 season, when crops were severely punished in the South region. In this harvest, the drought and high temperatures caused by the La Niña climatic phenomenon also affected Rio Grande do Sul, but the performance of other producing states has compensated for the losses in Rio Grande do Sul, said the consultancy. “The yields recorded in these regions are excellent, despite the delays in harvesting. It should also be noted that there were some reviews of the planted area, also upwards”, he said about the Midwest and Matopiba, comprising Maranhão, Tocantins, Piauí and Bahia. The expectation for exports was ...
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