Safras&Mercado forecast that, amid lower prices and strong competition for land, Brazil’s corn acreage in MY 2023/24 could fall to 22 million hectares (down from 22.2 million hectares a season earlier), of which the first-crop cereal will occupy 4.1 (4.2) million hectares and safrinha 15.4 (15.5) million hectares.
As such, total crop production next season could potentially reach 137.4 million tons, down 2 million tons from the forecast for the current season.
At the same time, analysts expect the soybean area to expand to a record 45.6 million hectares in MY 2023/24 (44.5 million hectares in MY 2022/23) due to the continued high profitability of oilseed production.
Its production in Brazil in the next season can renew the maximum and reach 163.2 million tons (156.1 million tons in MY 2022/23).