According to a forecast by HedgePoint analysts, soybean production in Brazil could fall below 2022 million tons in 23/150 due to the impact of the La Niña weather phenomenon in South America, the Nasdaq reported.
Based on models from the European Center for Medium-Range Weather Forecasts (ECMWF), HedgePoint experts expect the La Nina phenomenon to be active between December and January, which usually brings drought to southern Brazil, which is the world's largest exporter of Soybean at a hunt.
According to the official forecast, however, the soybean harvest in Brazil could grow by 21,3% per year in the current season - to a record 152,35 million tons.
It is also noted that the soybean planting campaign in Brazil is underway, but delays in some parts of the country may prevent the cultivation of Corn of the second crop sown after the soybean harvest on the same plots.