Brazil 2023/2024 soybean crop forecast lowered to 150.35 mln T – StoneX

Brazilian farmers will harvest a soybean crop of 150.35 million metric tons in the 2023/2024 cycle, agribusiness consultancy Stonex said on Thursday.

StoneX again cut the estimate for Brazilian soybean production citing weather issues. The new forecast is 1.6% lower than January’s and 4.8% lower from last year’s record output, StoneX said.

Given the expected reduction of Brazilian soy output this season, StoneX cut its export forecast for the world’s top supplier from 95 to 93 million tons.

Brazilian farmers are currently harvesting beans from the fields.

The country’s soy crop was planted as early as September of last year, and fields cultivated at the beginning of the season are showing lower yields, StoneX said.

“However, the tendency is for yields to improve, since the areas sown later are faced with a less adverse climate,” said StoneX’s soy analyst Ana Luiza Lodi.

StoneX also revised upwards its estimate for Brazil’s first corn production, which is now forecast at 25.9 million tons, 0.4% above the number released at the beginning of January.

But the country’s 2023/2024 winter corn projection was reduced to 96.4 million tons, a drop of 0.1% in the monthly comparison, as weather uncertainty may hurt that crop.

Overall, total corn production has been estimated at 124.5 million tons, practically unchanged from last month, StoneX said.

Tags: crop forecast, Brazil, soybean