Source: Oleoscope (Russia)
According to a new forecast by the National Supply Company (Conab), thanks to optimal weather conditions in Brazil, the current season’s grain harvest will increase by 8% year-on-year to 322.3 million tons. The total planted area is estimated at 81.4 million hectares, up 2% from 2023/24.
Soybean production will reach 166.3 million tons, almost 19 million tons more than last season. With the recovery of the crop, Conab forecasts its exports to increase to 105.4 million tons. Soybean meal exports are estimated at 22 million tons and soybean oil shipments will total 1.4 million tons, according to World Grain.
A record corn harvest is also expected, with production up 3% to 119.6 million tons. The company said the strong increase in yields will offset a 6.4% reduction in planted acreage for the first crop. Corn exports will decline 4.5 million tons to 34 million tons. As production rises, stocks will rebound to 3.5 million tons.
Wheat production is projected to decline to 7.89 million tons, 2.6% below last year’s harvest, mainly due to a 14.2% reduction in planted area in states in the Southern region combined with adverse weather conditions throughout the agricultural cycle in Parana, and in the Southeast and Central West regions.