Brazil: Corn and soybean area adjustments for the 2023/2024 harvest

Compared to the October report, cuts were made to U.S. and EU corn harvests, and global soybean projections were lowered.

Higher U.S. corn exports were estimated and Chinese corn imports were cut again. Soybean figures remained almost unchanged, reflecting a bumper crop and an increase in ending stocks.

Record pork production will enable year-on-year increases in domestic and foreign markets in 2025.

Compared to the July report, cuts were made to corn production in the European Union and Ukraine, while estimates for the United States and Argentina improved slightly. Global soybean production, trade, and ending stock forecasts increased, supported by increases in the U.S. harvest and exports.

The first updated estimates for world corn and soybean crops are virtually unchanged from the previous report.

The 2023/2024 grain harvest is estimated at 294.1 million tons.

The volume represents a drop of 7.6% from the last season, i.e. 24.2 million tons less to be harvested.

If projections are realized, the volume would decrease by 13.5 million tons compared to 2022/23.