Brazil in 2023/24 MY may reduce sown areas under corn and increase under soybeans

According to Safras&Mercado forecasts, against the background of lower prices and strong competition for land, the sown area of corn in Brazil in 2023/24 MY may be reduced to 22 million hectares (against 22.2 million hectares in the previous season), of which the grain of the first harvest will take 4.1 (4.2) million ha, safrinha - 15.4 (15.5) million ha.

In this regard, the total grain production in the next season could potentially reach 137.4 million tons, which is 2 million tons less than the forecast for the current season.

At the same time, analysts expect in 2023/24 MY soybean sown area to expand to a record 45.6 million hectares (44.5 million hectares in 2022/23 MY) due to the continued high profitability of oilseed production.

Soybean production in Brazil next season may reach a new high and reach 163.2 million tons (156.1 million tons in 2022/23 MY).