Brazilian soybean harvest 2023-24 should reach 146,2 million tons, estimates Sicredi

Sicredi, a cooperative financial institution with a presence throughout Brazil, released the second edition of the Harvest Survey Report. In the survey, which presents projections on the production of the country's main grains, it is estimated that soybean production will be 146,2 million tons, representing a reduction of 1,4% in relation to the survey released in April. For corn (1st harvest), the Survey projects a harvest of 23 million tons, a negative variation of 0,1% in relation to the previous report.

Reduction of 

“The soybean harvest estimate suffered a reduction of 2,1 million tons in relation to the previous survey, and this adjustment was influenced by weather events in RS. We also reviewed corn productivity in light of the floods. However, it is observed that the state of Rio Grande do Sul will have a higher harvest of these grains compared to 22/23, when a drought severely impacted crops”, explains André Nunes de Nunes, chief economist at Sicredi.

Still according to the Survey, a drop in soybean production in Brazil (-5,4%) is estimated in relation to the previous harvest, caused by a reduction in productivity (-8,8%). Regarding the situation of soybean crops, 47% of them are indicated in good conditions, 35% in average conditions and 18% in poor conditions. The grain harvest has already reached 95,5% nationwide, and in the states of MG, MT, MS, PR and SP, 100% of the areas have already been harvested.

Corn production, projected at 23 million tons in the 1st harvest and 87,2 tons in the 2nd harvest, is also lower compared to the 22/23 harvest, this drop being explained both by lower productivity and by a reduction in the planted area. The corn harvest (1st harvest) reaches 68,8% of the areas, was completed in SP and is practically completed in SC (96,3%) and RS (88,4%).

Wheat 

The new edition of the Survey included, for the first time, data relating to wheat. According to estimates, the expectation for this harvest is a production 12,7% higher than that achieved in the previous year, with 9,1 million tons. In Brazil, wheat planting was completed in 21,6% of areas.

Production

The Harvest Survey is produced by Sicredi's Economic Analysis team, based on a sample survey carried out with employees specialized in agribusiness who work in more than 2,7 agencies across the country. The document aims to support rural producers with subsidies for their activities and highlights indicators relating to planted area, productivity, production, planting and harvesting progress and crop conditions.

Rio Grande do Sul 

The numbers in this edition already include, in part, the effects of the rains and floods that hit Rio Grande do Sul, with data collection carried out between May 6 and 13, 2024. Click on the link below to read the complete Harvest Survey.