The agribusiness consulting company “Agricultural” on Monday lowered its forecast for the soybean crop in Brazil for the current season 2023/2024, due to irregular rains and a heat wave affecting the state of Mato Grosso, the largest soy producer in the country.
“Agricultural” explained that it now expects soybean production in the country to reach 163.5 million metric tons this season, down from the October forecast of 164.6 million tons, adding that new cuts are possible before the end of this month depending on the weather, according to Reuters.
Last week, the Brazilian Meteorological Agency “Inmet” issued a heat wave warning, as forecasts indicated that temperatures could be five degrees Celsius higher than average for two to three consecutive days in Central-Western and southeastern Brazil.
According to the consulting company, soybean planting reached 61% of the expected areas, as of last Thursday, an increase of 10% from last week, but less than the 69% seen a year ago, although it is still the slowest pace of planting since the 2020/2021 season.
The consulting company also reported that farmers in central and southern Brazil planted 76% of the expected area for the first corn crop for the 2023/2024 season, up from 66% a week ago, and more than 70% recorded in the previous season.
