Brazil’s Crop Shifts: More Cotton and Wheat, Less Soybean and Corn in 2024
In 2024, Brazil anticipates higher yields of cotton, beans, rice, and wheat, offsetting decreases in soybean, corn, and sorghum production.
According to the IBGE’s February agricultural survey, the nation projects a 4.7% drop in overall cereal, legume, and oilseed production, totaling 300.7 million tons, 14.7 million tons less than in 2023.
Notably, soybean output may dip by 1.8% and sorghum by 14%, with corn’s production expected to fall by 10.8%.
This decrease includes a 9.6% reduction in the first corn crop and an 11.2% decrease in the second.
Conversely, 2024 promises increased outputs for herbaceous cotton by 5.6%, rice by 1.3%, beans by 8.1%, and wheat by 24.2%.
Soybean production forecasted at 149.3 million tons, with corn projected to reach 116.9 million tons, including 25.1 million first-crop.
Rice, bean, wheat, cotton, and sorghum productions estimated at 10.4M, 3.2M, 9.6M, 8.2M, and 3.7M tons, respectively.
The total area expected to be harvested in 2024 spans 78 million hectares, slightly up by 0.2% from 2023.
This expansion reflects a 0.5% increase from January’s forecast, adding 383.1 thousand hectares.
Rice, corn, and soybeans dominate Brazil’s grain crop, comprising 92% of the production estimate and 86.9% of the harvested area.
Cotton, rice, beans, wheat, soybean areas set to expand, while sorghum and corn areas expected to decrease.
Specifically, the first corn crop’s harvested area may drop by 7.7% and the second by 3.8%, highlighting Brazil’s agricultural shifts and strategies for 2024.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 205,430.33 | +0.54% | +21.85% | 204,324.26 | 168,310 | 167,142 | — |
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| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief