Brazil soybean production view cut as crop tour progresses -Agroconsult

Credit: REUTERS/ADRIANO MACHADO

New throughout, adds revised yield estimates for key producing states

SAO PAULO, Feb 20 (Reuters) - Brazil's 2023/2024 soybean crop estimate has been reduced to 152.2 million metric tons from the previous estimate of 153.8 million tons, agribusiness consultancy Agroconsult said on Tuesday, citing adverse crop weather in key producing states.

Agroconsult, which began a tour of Brazil's main soy producing regions 33 days ago, said the expedition has so far covered almost 30,000 kilometers, representing 60% of the areas it intends to survey.

In Mato Grosso, Brazil's biggest farm state, Agroconsult experts evaluated crops in the north, west, middle-north and southeast regions.

The areas planted in the state between the beginning of September and mid-October, which correspond to around 40% of the total, were the most affected by high temperatures and low rainfall, Agroconsult said.

The areas planted in Mato Grosso throughout October and November have shown better potential, despite also being affected by adverse weather, according to the consultancy.

The average yield estimate for Mato Grosso was maintained at 52.5 bags per hectare, 17.7% below the previous harvest, Agroconsult said.

Another state hurt by dry weather in December and January was Mato Grosso do Sul, Agroconsult said referring to fields in the south of that state.

After visiting farms there, Agroconsult lowered average yield forecast for Mato Grosso do Sul to 57.5 bags per hectare from 59 bags in the previous projection.

In Parana and Rio Grande do Sul, where farmers reported dry weather in January and early February, average yields potential was cut to 58 and 53 bags per hectare, respectively, compared to 60 and 55.5 before the crop tour, Agroconsult said.

(Reporting by Ana Mano and Roberto Samora; Editing by Leslie Adler and David Gregorio)

((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: ana.mano.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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