StoneX confirmed its projection of 11.46 million tons of wheat output in Brazil for the 2023/24 season. The country harvested 11.12 million tons of wheat in the 2022/23 cycle. The forecast production in this crop is 3.24 kg per hectare, compared to 3.36 kg per hectare on average in the previous cycle. With a growth rate of 6.7%, the expected planting area is 3,540 hectares. Exports are likely to decrease by 15.7% to 2.24 million tons. StoneX forecasts 5.8 million tons of wheat imports, a 19.7% increase. Harvest stocks will increase by 165.8% to 2.56 million tons.
Source: Revista Globo Rural (*Translated by Ia Niani)