In the 2019 2020 crop year, despite COVID 19 and the economic slowdown in the country, Brazil’s crop production rose by 4 1 y/y to a new all time high of 257 bn tonnes, driven mainly by favourable weather and growing yields CONAB’s projections for the 2020 2021 crop year are for a slight decrease, with production expected to fall by 1 8 y/y to 252 4 mn tonnes, due to the bad weather in H 2 2021 characterised with prolonged droughts and low temperatures Soybean, maize and rice are forecasted to account for 93 5 of total crop output during the 2020 2021 season The soybean sub segment is likely to remain among the driving forces, with an estimated increase in production of 10 y/y to a new record high of 137 3 mn tonnes In terms of foreign trade, during the first 10 months of 2021 Brazil exported agricultural products valued at USD 45 9 bn, 20 2 more than in the same period of 2020 This positive performance was on the back of strong foreign demand for some specific commodities, such as soybean, sugar, and coffee

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