Brazil Forecasts 3.2 Percent Drop in 2024 Agricultural Output

According to IBGE forecasts, Brazil's 2023 harvest will reach a record 316.3 million tons, 20.2 percent more than last year.

This year's cultivated area will reach 77.8 million hectares, or 6.3 percent more than that in 2022.

Rice, soybeans and corn -- Brazil's three main agricultural products --will account for 92.6 percent of this year's harvest and 87 percent of the harvested area.

Compared to 2022, soybean production is expected to increase by 26.9 percent to reach 151.7 million tons, while corn production will grow by 18.9 percent to 131 million tons this year.

However, the rice harvest will decline by 3.9 percent to yield 10.2 million tons in 2023.

Other products highlighted by the IBGE include cotton, which is expected to see a 14.4 percent increase in output to yield 7.7 million tons; sorghum, with a 49.9 percent increase; and wheat, which is expected to see an 11.3-percent drop in production to 8.9 million tons.

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