LatinNews Daily - 14 July 2023

* Brazil’s national statistics institute (Ibge) has released its latest forecast for the 2023 harvest of grains, cereals, legumes, and oilseeds, predicting a harvest of 307.3m tonnes (t). This is expected to be a record harvest and would mark a 16.8% increase from the 2022 harvest (263.2mt). The latest forecast based on results in June is up 1.9mt (+0.6%) on the May forecast of 305.4mt. The crops expected to break new records are soy (148.4mt), maize (124.5mt), wheat (10.6mt), and sorghum (3.8mt). The region expected to produce the highest yield is the central-western state of Mato Grosso, predicted to contribute 30.9% of the total harvest for 2023. Strong results are also expected from the southern states of Paraná and Rio Grande do Sul, predicted to make up 15.2% and 9.6% of the total respectively. Ibge research coordinator Carlos Barradas attributed the positive forecast to a combination of factors, including favourable climate conditions. But he warned that the El Niño weather phenomenon might cause droughts in some parts of the country this year.