The StoneX prediction for Brazil’s soybean crop in 2023-24 has been revised downwards to 161.9 million tons, a 3.1 million drop from the prior projection. This is due to drought and high temperatures in the country’s north-central area. However, if weather conditions improve, the crop might outperform last year’s. StoneX has also revised downwards its corn output forecast. The first crop is now projected at 26.45 million tons, with the winter crop at 97.3 million tons. The change is due to a planting delay induced by a delay in the soybean harvest. Brazil’s total corn production is predicted to be 126.02 million tons.
Source: Reuters / Notícias Agricolas