Overview
The Brazilian 2023/24 crop is estimated at 155.3 million tons, down 4.2% compared to the
previous November estimate (162 million tons). Erratic weather conditions are the main
reason for the revised figures. The lack of consistent rainfall, extremely high temperatures,
and the possibility of growing alternative crops to face the falling soybean prices in Chicago,
have all contributed to such a significant revision in the figures. The weather caused delays in
the seeding, the decline in seed germination percentages, abortion of flowers, and scorching
of leaves and stems, all of which pushed yields down – yields are expected to be 2.2% lower
than last year, from 3.507 to 3.431 (January figures).
The overall production, though, due to the recovery of crops in the South, especially in Rio
Grande do Sul, is estimated to grow 0.4% from last year, from 154,609.5 to 155,269.3.
