Brazil’s AgRural lowers soybean crop forecast as harvest advances

Brazil’s 2023/24 soybean crop is expected to reach 150.1 million metric tons, agribusiness consultancy AgRural said on Monday, lowering a December forecast of 159.1 million tons as the harvest advances in the world’s top supplier of the oilseed.

The consultancy cited adverse weather conditions for the downgraded forecast. However, 2.3% of the soybean crop had been harvested as of last Thursday, beating the 0.6% reaped at the same stage of the previous season, AgRural said.

Safras, another agribusiness consultancy, on Monday estimated that 2.1% of the national soy area had been harvested as hot and dry weather accelerated the crop cycle and hurt yields.

In addition to a reduced output projection in top grower Mato Grosso state, AgRural also trimmed expectations for production in several other states. These were primarily Parana, Mato Grosso do Sul, Goias, Sao Paulo and Minas Gerais, where high temperatures and irregular rain has caused crop losses.

As the soy is removed from the fields, Brazilian farmers also began to plant their 2023/24 second-corn crop, which represents about 75% of national production each year. The crop is cultivated in the same fields as soybeans.

About 0.4% of Brazil’s second-corn has been planted so far, AgRural said.

At the same time, harvesting of the 2023/24 first-corn reached 5.1% of the cultivated area in Brazil’s Center-South region, compared with 3.3% the previous week and 4.5% a year earlier, AgRural said.

Tags: soybean, crop forecast, Brazil