SÃO PAULO, BRAZIL — Brazil’s projected soybean crop for 2023-24 has been slashed to 152.8 million tonnes from a potential record 161.9 million tonnes by agribusiness consultancy StoneX, citing a lack of rainfall in important growing areas, Reuters reported.
Brazil, the world’s largest producer and exporter of soybeans, harvested a record 157.7 million tonnes in 2022-23.
StoneX analysts said in a December report that showers continued to be irregular in most of Brazil’s soybean fields. This includes top grain producing state Mato Grosso, where output is set to fall more than 14% when compared to the previous season.
Some states tend to plant soybeans later than others and there were also some delays in sowing, so the weather will continue to play a pivotal role in the final numbers as harvest progresses, StoneX noted.
StoneX also cut its forecast for Brazil’s soybean exports this season to 95 million tonnes from 103 million tonnes previously, citing a lower supply.
The lack of rain has had another impact, with some farmers harvesting soybeans earlier and getting a jump on winter corn sowing, easing some concerns about their ability to plant a sizeable crop. Brazil is expected to produce 129 million tonnes of corn in 2024, according to the US Department of Agriculture.
