CONAB, the statistics agency for Brazil, has estimated that the 2022/2023 soybean crop will attain 150 million metric tons, approximately 21 percent above the previous harvest that was impacted by drought.  Acreage will be expanded by 3.5 percent to 105 million acres, the first year exceeding the 100-million-acre benchmark.  In anticipation of favorable weather, CONAB anticipates a soybean harvest of 5.0 to 5.5 million bushels, with an average yield 17 percent above the previous season.

Acreage planted to corn will expand by 2.5 percent to 55 million acres with 70 percent harvested from the safrinha (second) crop harvested during January and February.  The 2022-2023 corn crop is projected to attain 4.9 million bushels, approximately nine percent above the 2021-2022 harvest.

In 2023 Brazil will become the world’s third largest producer of corn and will increase share of world trade with 44.5 million tons out of 125 million tons harvested.  Domestic use will comprise animal feed and ethanol production, with 17 plants now in operation.