Analysts at Refinitiv Commodities Research have lowered their estimate of Brazil's gross soybean crop for the 2023/24 season by 4,1 million tonnes to 159,3 million tonnes. The experts justified these adjustments with the unfavorable consequences of the unusual drought and the delays in the start of sowing in the regions in the central west and southeast of the country. Nevertheless, even after the cut, the new forecast exceeds the level for the 2022/23 marketing year (154,6 million tonnes).
“The delays in the start of sowing have led to changes in plant growth, causing plants to miss their ideal development window, which will have a negative impact on yields,” the experts explained.
Furthermore, the current delays in the fields will potentially disrupt the Safrinha sowing cycle. ZusaWith the negative impact of excessive moisture in key first-harvest corn-growing areas, Brazil's corn crop forecast for the 2023/24 marketing year is reduced by 3,9 million tons to 121,3 million tons (131,8 million tons harvested in the previous season).
Source: oleoscope (Russian)