WEATHER REMAINS AN ISSUE IN BRAZIL
Although CONAB revised Brazilian soybean and corn production slightly upward in its latest forecast due to expanded planted area, the year-on-year output of those crops is projected to lower. Adverse weather conditions are the main reason for the decline. CONAB pegged the 2023-24 soybean crop at 147.6 million tonnes, down 5% from last season, while it projected this year’s corn crop at 111.4 million tonnes, 15% lower than in 2022-23. The total area cultivated for this year’s soybean harvest is 45.7 million hectares, nearly 4% higher than last year’s total.
Despite the year-on-year production decline, Brazil is still projected to be the world’s largest producer and exporter of soybeans in 2023-24 and rank third in corn output and second in exports. The agency estimated 2023-24 rice production in Brazil at 10.4 million tonnes. However, the frequent heavy rains in the Rio Grande do Sul, the main rice-producing state, will result in losses on at least 8% of the planted area. By May 5, around 80.7% of the area sown throughout the country had already been harvested. The quality of the harvested grains is satisfactory, with good yields also in the quantity of whole grains.
(Link: WorldGrain)
GRAIN MARKETS MAY 15, 2024: SOYBEANS STABILIZE AS BRAZIL INCREASES HARVEST ESTIMATES
The most traded soybean contract on the Chicago Board of Trade was virtually unchanged at $12.15 per bushel, after falling slightly in the previous session. Wheat prices increased 0.2% to $6.73-1/2 a bushel and corn prices increased 0.1% to 4.67-3/4 bushels. Brazil’s Conab revised its 2023/24 soybean production forecast by 1.16 million tons to 147.685 million tons despite flooding in Rio Grande do Sul, the second-largest soybean-producing state. Regarding the wheat market, the Russian Agriculture Minister candidate said that the country lost planting crops on about 500,000 hectares this year due to bad weather but Russia has enough resources to replant them. For corn, Conab increased Brazil’s 2023/24 production forecast by about 670,000 tons to 111.636 million tons.
(Link: Vina.Net)
