DESPITE FLOODS, RIO GRANDE DO SUL STILL RANKS AS BRAZIL’S SECOND-LARGEST SOYBEAN PRODUCER

The recent flooding in Rio Grande do Sul caused Safras & Mercado to reduce the state’s production estimate by 2.8 million tons, bringing it down to 20 million tons. Initially, the forecast was for a record 22.799 million tons. The huge reduction was caused by severe rains in April and May, which damaged crops and silo stockpiles. Despite the losses, Rio Grande do Sul is predicted to produce the country’s second-largest state harvest. Positive adjustments in other states, such as Mato Grosso, partially offset the impact, resulting in an expected harvest of 149.705 million tons in 2023-24. The Brazilian soybean market experienced fluctuations due to the rise in the Chicago Stock Exchange and expectations of benefits in U.S. exports from stricter tax rules in Brazil, resulting in greater movement and firm offers at ports.
Source: Canal Rural (*Translated by Ia Niani)