LatinNews Daily - 13 January 2023

In brief: Brazil predicts even higher record harvest for 2023

* Brazil’s national statistics institute (Ibge) has updated its forecast for the 2023 harvest of grains, cereals, legumes, and oilseeds, predicting a record harvest of 296.2m tonnes (t) – a 12.6% increase from 2022. The previous forecast for 2023, issued in December last year, had already predicted a record harvest of 293.6m t. This comes after a better-than-expected harvest in 2022; final estimates for the 2022 harvest came to 263.2m t, which is 0.2% higher than predicted and 3.9% higher than the 2021 harvest. The even higher record-breaking 2023 harvest is expected to be largely driven by an increased yield of soy (forecast to rise by 24.1% on the 2022 harvest) and corn (forecast to rise by 16.2% in the first harvest and 2.5% in the second). This expected increase in the 2023 soy harvest comes after a lower yield in 2022, which dropped by 11.4% compared to the 2021 harvest. Corn had a record harvest in 2022 with 110.2m t (+25.5%). The Ibge has also noted that the total land area planted with grain crops was 73.2m hectares in 2022, representing a 6.8% expansion in cultivated land from 2021; this increased land area for cultivation and more favourable climate are listed as key factors behind the predicted record 2023 harvest.

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