November 23, 2023

Brazil's soybean crop faces weather concerns, record harvest still anticipated

Adverse weather conditions in Brazil are causing concerns for the upcoming 2023/24 soybean crop, despite expectations of a record harvest, according to Luciano Souza, Archer-Daniels-Midland Co's Grains director for South America, Yahoo! Finance reported.

Souza expressed caution, noting that delayed and irregular rainfall, along with high temperatures, has impacted soy planting across the central-north region of the country.

Souza said the rains have come later and occurring irregularly. He said the situation is being closely monitored, but a record harvest is still anticipated.

While the irregular weather may affect yields, Souza highlighted that the planted area is expected to increase in the 2023/24 harvest, particularly in Rio Grande do Sul state. Archer-Daniels-Midland Co will provide a detailed harvest forecast in the coming weeks.

In addition to addressing agricultural challenges, the company announced the launch of a programme supporting regenerative agriculture practices in Brazil. The initiative will commence by offering guidance and funding to grain producers cultivating approximately 20,000 hectares of land in the states of Mato Grosso do Sul and Minas Gerais.

-      Yahoo! Finance