July 24, 2023

Brazil's grain production expected to hit more than 300 million tonnes in 2022/2023 harvest

Brazil's grain production is expected to reach 317.6 million tonnes in the 2022/2023 harvest, a 16.5% increase or 44.9 million tonnes from the 2021/22 harvest, consolidating previous forecasts as the largest ever produced in the country, according to CONAB.

According to the estimate, this result is also 0.6% higher than that released in June, mainly due to the better performance of second-crop corn observed in the field this past month and the growth in the planted area for wheat, combined with the good weather conditions that have been occurring.

According to the bulletin, soybeans should reach a record production, estimated at 154.6 million tonnes, 23.1% or 29 million tonnes above that of the last season. For corn, the forecast is 127.8 million tonnes, including the three crops, 12.9% or 14.6 million tonnes above that grown in 2021/2022.

The increase in Brazilian production aligned with higher international demand is expected to raise the volume of corn exports in 2023. With projected, strong foreign demand, it is estimated that 48 million tonnes of corn will leave the country. Domestic stocks are also expected to increase by 27.6% at the end of this crop year, reaching 10.3 million tonnes.

Concerning soybeans, the export estimate remains at 95.64 million tonnes, 21.5% more compared to the previous harvest. In this survey, CONAB adjusted the numbers for oilseed crushing, from 52.29 million tonnes to 52.82 million tonnes, due to the increase in biodiesel production. Thus, the final stocks previously estimated at 7.51 million tonnes went to 7.43 million tonnes.

- CONAB