Brazil Soybean Acres to Top 100 Million

Brazilian farmers will start planting corn, soybeans, and many other crops in September and October. CONAB, the country’s largest ag forecaster, says if the weather cooperates, the 2022-2023 Brazilian harvest could be the largest ever. During the upcoming season, CONAB says Brazil’s farmers will produce more than 300 million tons of soybeans, corn, cotton, rice, wheat, and soybeans. That’s 14 percent higher than in 2021, during which Brazil’s farmers brought in an estimated 271.4 million tons of grain, an all-time high. The growth of Brazil’s crops is attributed to two factors, including a 2.5 percent rise in planted area and 11 percent higher yields versus 2022. While production costs will be higher in the upcoming season, Brazilian farmers will benefit from high commodity prices, robust global demand, and a favorable exchange rate. Soybeans make up almost half of the total grains produced in Brazil and are projected to reach 5.5 million bushels.