2023-2024 South American Update

By Daniele Siqueira, Head of Market Intelligence with Brazilian consultancy AgRural

Brazil’s agriculture has established fresh records in 2023, setting new all-time highs for corn and soybean production. Even facing the phenomenon La Niña for a third consecutive year, the country was able to produce 155 million metric tons of soybeans. Only one state, Rio Grande do Sul, at Brazil’s southern end, had a drought-related crop failure, but other states made up for the losses, with record yields almost everywhere. 

Corn production, driven by the second crop (known as “safrinha” and planted right after the soybean harvest), had a bad start caused by planting delays. But farmers were very fortunate after that, receiving beneficial rains even in the driest months of the year and escaping from frosts in states where temperatures normally drop during pollination and grain filling. As a result, Brazil was able to produce 132 million metric tons, well above the already good 113 million harvested in the previous year. … Continue reading