Brazilian farmers are expected to harvest 322.3 million tons of grains in the 2024/25 harvest, Brazilian National Supply Company (Conab) reported. The result is equivalent to a growth of 8.2% compared to the production of the previous harvest, that is, 24.5 million more tons to be harvested.

The new estimate from Conab maintains the forecast of record production in the historical series, if the result is confirmed. The good performance follows the favorable climate recorded during the development of the first harvest crops. In addition to this, the total harvest area is estimated at 81.4 million hectares and is expected to grow 1.8% when compared to the 2023/24 cycle.

The main product grown in the country, soybeans, is expected to record a production of 166.33 million tons, 18.61 million tons above the total produced in the previous harvest. After a year of crop failure, the current cycle tends to recover the average crop productivity.

With the second-highest production volume, corn is expected to record a total harvest of 119.6 million tons in 2024/25, 3.3% above the previous season. For the first cereal harvest, a 6.4% reduction in the planted area is expected.

US forecast

The latest USDA WASDE report introduced significant cuts to U.S. and global inventory forecasts, driving sharp increases in soybean and corn futures on the Chicago Board of Trade.

U.S. soybean stocks for 2024/25 were slashed by nearly 2.4 million metric tons (MT) to 10.3 MT, reflecting a larger-than-expected reduction in last year’s U.S. production estimate and significantly exceeding market expectations for a 300,000-ton reduction.