According to the forecasts of the US Department of Agriculture, this year soybean production will amount to 153 million tons. However, severe floods in Brazil raise concerns about possible impact on the global market.
Estimates show that crop production has worsened by 1% compared to last month and by 6% compared to last year. Nevertheless, Brazil has planted more land this year, and it is expected to offset the situation. It is expected that the crop will be 7% above the average level of the last five years.
In April and May, the state of Rio Grande do Sul was flooded for a long time, leading to record amounts of rainfall. The US Department of Agriculture noted that the full effect of the floods will only be known in the coming months.
USDA data shows that from January to May 2024, Brazil exported 9 million tons of corn.