Brazil’s corn production will drop significantly while the soybean output will surge in the 2023-2024 marketing year. Those numbers come from CONAB, Brazil’s food agency. South American corn output is projected at 119.4 million metric tons. If it’s reached, that would be down from the 131.9 million metric tons produced in the 2022-2023 marketing year.
Also, soybean output is now forecast by CONAB at 162 million metric tons. The rise is tied to strong overseas demand, especially from China. Production during the previous marketing year totaled 154.6 million metric tons. CONAB says total grain and soybean production is predicted to reach 317.5 million metric tons, a number the agency says is down 1.5 percent year over year.
Wheat production was predicted to reach 10.5 million metric tons, down modestly year over year because of weather issues. Brazil’s rice output is expected to rise 7.7 percent to 10.8 million tons.