Good morning! Today, we talk about the outlook for Brazilian soybean production. What will happen with the Justice Ministry? And how to see Black Friday numbers.
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The state of soybean production in Brazil
The National Supply Company (Conab) expects Brazil’s 2023-2024 soybean harvest to be 162.4 million tons, just 2.8 percent lower than the record 2022-2023 crop, which was responsible for the country’s much higher-than-expected GDP growth in Q1.
State of play. The slight decline in production, mainly due to extreme climatic conditions influenced by the El Niño weather phenomenon, will not dethrone Brazil from its position as the world’s largest soybean producer and exporter. This is because gains in planted area and productivity have offset lower export prices.
By the numbers. With practically half of the 2023-2024 crop planted, Conab noted a 2.76 percent increase in soybean area to 45.3 million hectares, setting the stage for Brazil to surprise again if the weather somehow helps.
- In Brazil’s two largest grain-producing states, Mato Grosso and Paraná, there will be little...