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

Published 2023년 3월 1일

Tridge summary

StoneX has forecasted record highs for Brazil's soybean and corn production in the 2022/23 season, with soybean production expected to reach 154.66 million tons and corn production at a record 130.61 million tons. This is due to excellent yields in various regions, despite challenges like drought and high temperatures. Export estimates remain unchanged at 96 million tons for soybeans, but corn export is projected to increase by 1 million tons to 47 million. The increase in domestic demand for both crops is subject to factors like the biodiesel blend in Brazil and crop losses in Argentina.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Mixvale