Conab’s grain harvest for the 2023/2024 season is expected to be lower than previously estimated, according to online data.
The latest projection represents a reduction of 17.7 million metric tons compared to earlier estimates.
The National Supply Company (Conab) in Brazil predicts that the grain production for the 2023/2024 season will be 6% lower than the previous period. This forecast was revealed in Conab’s 5th Crop Survey released on Thursday.
The estimated soybean production is expected to reach 149.4 million metric tons. However, if confirmed, this figure would be 3.4% lower than the volume obtained in the 2022/2023 cycle and 7.8% less than the initial estimate of 162 million metric tons for the current season. Additionally, soybean exports are also expected to decline by 4.29 million metric tons, dropping from 98.45 million metric tons to 94.16 million metric tons.
Conab has also revised its expectations for corn harvest, which is anticipated to not surpass 113.7 million metric tons.
These projections indicate potential challenges for Brazil’s agricultural sector in the coming months. The decrease in grain production may impact domestic supply and potentially lead to higher prices for consumers. Additionally, lower export volumes could affect the country’s trade balance and the revenue generated from agricultural exports.
It’s essential for stakeholders and industry players to closely monitor the evolving situation to make informed decisions and adjustments. Sustainable farming practices, efficient resource management, and contingency plans could play a vital role in mitigating the potential impact of lower grain harvests.
Brazil Agency
