IBGE reduces its estimate but Brazil shall have a record grain harvest nonetheless

The Brazilian Institute of Geography and Statistics (IBGE in Portuguese) reduced its cereals, pulses, and oilseeds output estimate. According to the study Statistics of Agricultural Production (LSPA), conducted in March by IBGE, Brazil will see an output of 258.9 million tonnes in 2022, 1% below (2.7 million tonnes less) what had been predicted in February.

According to the IBGE, despite the month-to-month reduction, Brazil shall still have a record harvest this year, with production 2.3% higher (or 5.7 million tonnes more) than last year.

The previous record had been in 2020 when Brazil produced 255.4 million tonnes of cereals, pulses and oilseeds.

Estimates

The reduction in the forecast from February to March was driven by the production drops among soybeans (-5.6%), the first corn crop (-3.8%), grapes (-9.5%) and tomatoes (-1.9%).

IBGE also estimated growth for corn’s second crop (4.9%), herbaceous cotton (3.7%), beans (3%), oats (3.3%), sorghum (0. 5%) and wheat (9.6%). Rice had a slight variation of -0.1%.

According to the March survey, the area to be harvested in 2022 is expected to reach 71.8 million hectares, 0.8% higher than forecast in February and 4.7% higher than last year.

Source: Agência Brasil

To read the full original article, please go to:

https://agenciabrasil.ebc.com.br/economia/noticia/2022-04/ibge-reduz-previsao-mas-brasil-deve-ter-safra-recorde-de-graos

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