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Weak soybean crop for Brazil

Слаба реколта от соя за Бразилия
Brazil's 2023-24 soybean crop forecast was cut to 152.8 million tonnes from a potential record 161.9 million tonnes by agribusiness consultancy StoneX, citing a lack of rainfall in key growing areas, Reuters reported.

We recall that Brazil - the largest producer and exporter of soybeans in the world - collected a record 157.7 million tons in 2022-23.

StoneX analysts said in a December report that rains continue to be erratic in most of the country's soybean acreage. This includes top producer Mato Grosso, where production is expected to fall by more than 14% compared to the previous season.

Some states tend to plant soybeans later than others, but overall there were severe delays in planting, so weather will continue to play a key role in final numbers as the crop progresses, StoneX noted.

The agency also cut its forecast for soybean exports from Brazil this season to 95 million tonnes from 103 million tonnes previously, citing lower supply.

The lack of rain had another impact as some farmers began planting winter corn, easing concerns about the size of the new corn crop. Brazil is expected to produce 129 million tons of corn in 2024, according to the U.S. Department of Agriculture.

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