BrasilAgro (AGRO3) revised its operating estimates for the 2026/2027 crop and projects production of 439.3 thousand tons of grains and cotton (439,275 tons), a 3% reduction from the initial estimate and a 3% increase over the previous crop. The total projected area is 164,664 hectares, in line with the estimate released in 4Q26 and 1% below the 25/26 crop.
The first-crop corn area fell 15%, concentrated in Mato Grosso, and the second-crop (safrinha) corn area declined 5% from the estimate. The soybean area increased 1%, and the area for other crops, which includes cover crops, rose 8%. According to the company, given the lack of recovery in corn prices, areas less suited to the crop were allocated to fallow and cover crops. In other areas, improved soybean prices made that crop more profitable than corn.
Soybean production is estimated at 261.2 thousand tons, up 1% from the initial projection. First-crop corn was revised to 73.1 thousand tons, down 14%, mainly due to the smaller planted area. For second-crop corn, the estimate is 92.6 thousand tons, a 4% reduction.
In sugarcane, the 2026 harvest continues to be affected by weather conditions and the mills' crushing pace. As of September 30, 2026, 1.2 million tons had been harvested, with TCH (tons of cane harvested per hectare) of 75.86, compared with 1.6 million tons and TCH of 69.46 in the same period of the previous crop. In Maranhão, the slower crushing pace delayed the harvest and led to the postponement of about 175 thousand tons to the next quarter. The 2026 crop projection was revised to 2.06 million tons, with TCH of 77.05, compared with the initial estimate of 2.18 million tons and TCH of 79.51.
In cattle ranching, the projection is 14,934 head and 2,327,312 kg of beef, reductions of 4% and 2% from the initial estimate. Projected production costs per hectare include soybeans at R$ 5,152, corn at R$ 5,058, second-crop corn at R$ 4,378 and sugarcane at R$ 10,962. The company stresses that the estimates are hypothetical data and do not constitute a promise of performance.
