Soybean production estimates for Argentina and Brazil, along with corn production estimates for Argentina, were lowered by agribusiness consultancy Agroconsult and the Rosario Grain Exchange.
Brazil’s 2023-2024 soybean crop estimate was cut to 152.2 million metric tons from 153.8 million. Agroconsult says adverse weather in key production states is a big reason for the drop. Argentina’s Rosario Grains Exchange cut its estimates for the country’s 2023-2024 soybean and corn harvests to 49.5 million and 57 million metric tons. The cut comes after a heat wave in late January and early February. The exchange has previously calculated the soybean harvest at 52 million tons and the corn harvest at 59 million tons.
Agroconsult says about 40 percent of the crops were affected by high temperatures and low rainfall in Mato Grosso, Brazil’s biggest farm state. Despite higher-than-usual temperatures that started in mid-January, Argentina’s corn harvest will hit a record level this season.
