Analysts of the consulting “Itau BBA” expected that Brazilian farmers will harvest 153 million metric tons of soybeans this season, 5 million tons less than the previous forecast, as the rains were weaker than expected in December.
At the beginning of the month, maps indicated good rains and showers distributed over central Brazil, as the days passed, precipitation again became below average in most of the country, which led to a downward revision, Itau BPA analysts said.
Brazil is one of the largest producers of soybeans and corn in the world, and its foreign market flows are helping to calm prices in the global market, especially with supplies from Ukraine and Russia affected.
