CONAB projects a substantial increase in Brazil’s soybean and corn production for 2024, with soybeans at 167.37 million tons and corn at 122.76 million tons. The estimates suggest heightened export competition for the U.S. Brazil’s agricultural output continues to progress ahead of averages, with additional rises anticipated in cotton, rice, and sorghum. Updated figures are expected on April 10th.
The Brazilian National Supply Company (CONAB) is optimistic about Brazil’s agricultural output, estimating significant production of soybeans and corn. Currently, it forecasts the soybean crop to reach 167.37 million tons, marking a 13% increase compared to 2024, with both yield and acreage surpassing last year’s figures.
For corn, CONAB projects total production at 122.76 million tons, representing a 6% rise from the previous year. This increase is primarily due to a month-to-month rise in the first crop yield to 24.857 million tons, despite a slight reduction in the second crop caused by reduced planted area, now estimated at 95.516 million tons. The third crop is predicted to yield approximately 2.387 million tons.
While these estimates are lower than those provided by the USDA, they remain substantial enough to enhance Brazil’s export competition with the United States in the near future. As of now, Brazil has harvested over 60% of its soybean crop, with more than 80% of the second crop corn already planted, both figures ahead of the seasonal average.
In addition to soybeans and corn, CONAB anticipates increases in the production of cotton, rice, and sorghum for 2024. Both CONAB and the USDA are scheduled to release updated production estimates for Brazil on April 10th.
In summary, CONAB’s projections indicate robust growth in Brazil’s soybean and corn production for 2024. The anticipated output suggests increased competition for U.S. exports. Additionally, with the early progress of these crops and expectations for other agricultural products such as cotton, rice, and sorghum, Brazil’s agricultural landscape remains promising. Upcoming updates from both CONAB and USDA will provide further insights.
Original Source: www.brownfieldagnews.com
