SLC Agrícola S A : Earnings Release 3Q23

GENERAL INFORMATION

Porto Alegre, March 06th, 2024 - SLC AGRÍCOLA S.A. (B3: SLCE3; ADR: SLCJY; Bloomberg: SLCE3BZ;

Reuters: SLCE3.SA) announces today its results for the fourth quarter of 2023. The following financial and operating information is presented in accordance with International Financial Reporting Standards (IFRS). The information was prepared on a consolidated basis and is presented in thousands of Brazilian real, except where stated otherwise.

In this Earnings Release, the terms below will have the following meaning:

"4Q22": means the data, based on the consolidated interim financial statements, that consider the operations of the Company and its subsidiaries for the fourth quarter of 2022 (October to December).

"4Q23": means the data, based on the consolidated interim financial statements, that consider the operations of the Company and its subsidiaries for the fourth quarter of 2023 (October to December).

"2022": means the data, based on the consolidated interim financial statements, that consider the operations of the Company and its subsidiaries for the year 2022 (January to December 2022).

"2023": means the data, based on the consolidated interim financial statements, that consider the operations of the Company and its subsidiaries for the year 2023 (January to December 2023).

"HA": Horizontal Analysis; refers to the horizontal percentage variation between two periods.

"VA": Vertical Analysis; refers to the percentage share of the account over a given total.

Cotton seed: Seed of cotton intended for planting cotton crops

Cottonseed: Sub-product from the production of cotton used for manufacturing vegetable oil and animal feed.

Aviso Legal

We make statements concerning future events that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of our Management and on the information currently available to the Company. Forward-looking statements include information on our current plans, beliefs or expectations, as well as those of the Company's directors and executive officers. Forward- looking statements include information on potential or assumed operating results as well as statements that are preceded, followed by or include the words "believe," "may," "will," "continue," "expect," "project," "intend," "plan," "estimate" or similar expressions. Forward- looking statements and information provide no guarantee of performance. Because they refer to future events, they involve risks, uncertainties, and assumptions and as such depend on circumstances that may or may not occur. The Company's future results and creation of value for shareholders may differ significantly from the figures expressed or suggested in the forward-looking statements. Many factors that will determine these results and values are beyond our capacity to control or predict.

1

FINANCIAL HIGHLIGHTS

(R$ thd)	2022	2023	HA	4Q22	4Q23	HA
Net Revenue	7,373,034	7,230,583	-1.9%	1,945,970	1,918,694	-1.4%
Gross Income	3,131,299	2,620,694	-16.3%	557,029	133,675	-76.0%
Gross Margin	42.5%	36.2%	-6.3 p.p.	28.6%	7.0%	-21.6 p.p.
Operational Result	2,505,293	1,935,181	-22.8%	333,143	(97,066)	n.m.
Operational Margin	34.0%	26.8%	-7.2 p.p.	17.1%	-5.1%	-22.2 p.p.
Net Income	1,336,733	937,980	-29.8%	132,433	(152,986)	n.m.
Net Margin	18.1%	13.0%	-5.1 p.p.	6.8%	-8.0%	-14.8 p.p.
Adjusted EBITDA	3,118,444	2,708,699	-13.1%	648,251	673,376	3.9%
Adjusted EBITDA Margin	42.3%	37.5%	-4.8 p.p.	33.3%	35.1%	1.8 p.p.
Cash Flow	994,689	428,718	-57.0%	785,555	676,992	-13.8%

Invoiced Volume (tonnes)

Crops	4Q22	4Q23	Δ%
Cotton	97,399	81,516	-16.3%
Cottonseed (cottonseed + cotton seed)	104,808	152,606	45.6%
Soybeans (commercial+seed)	202,479	277,928	37.3%
Corn	152,047	310,155	104.0%
Other Crops	21,316	24,427	14.6%
Cattle Herd (head)	7,908	13,575	71.7%

Gross Income by Crop - R$/tonnes

Crops	4Q22	4Q23	Δ%
Cotton	2,037	4,583	125.0%
Cottonseed (cottonseed + cotton seed)	857	514	-40.0%
Soybeans (commercial+seed)	1,779	1,026	-42.3%
Corn	504	55	-89.1%
Cattle Herd (1)	(292)	96	n.m.

(1)R$/head

Hedge Position - FX - Material Fact 12.04.2023 x 02.26.2024 Position

CROPS	Material Fact 12/04/23	02/26/2024		Variation
SOYBEAN	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24
%	99.4	45.8	99.6	68.4	0.20	22.60
R$/USD	5.3698	5.2965	5.3683	5.2238	0.00	-0.07
Commitments%	0.6	29.2	-	15.6	-0.60	-13.60
COTTON	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24
%	87.7	25	96.2	34.7	8.50	9.70
R$/USD	5.5994	5.5005	5.5713	5.3857	-0.03	-0.11
Commitments %	-	13.9	-	4.4	0.00	-9.50
CORN	2022/23	2023/24	2022/23	2023/24	2022/23	2023/24
%	93.1	45.0	99.6	59.3	6.50	14.30
R$/USD	5.6232	5.4472	5.5758	5.3538	-0.05	-0.09
Commitments %	-	-	-	3.4	-	-14.60

Hedge Position - Commodity - Material Fact 12.04.2023 x 02.26.2024 Position

CROPS

SOYBEAN

Material Fact 12/04/23	02/26/2024		Variation
2022/23	2023/24		2023/24		2023/24
2022/23	2022/23

%

USD/bu Commitments %

COTTON

%

USD¢//lb Commitments %

CORN

%

R$/bag

%

USD/bag Commitments %

99.550.3

14.2612.75

-14.7

2022/23 2023/24

77.019.7

91.3984.97

--

2022/23 2023/24

3.93.4

56.64 45.00

94.935.0

9.538.12

--

100.058.1

14.2512.62

-10.9

2022/23 2023/24

99.240.2

90.79 85.92

--

2022/23 2023/24

3.93.3

56.64 45.00

96.134.1

9.528.12

--

0.507.80

-0.01-0.13

0.00-3.80

2022/23 2023/24

22.2020.50

-0.600.95

0.000.00

2022/23 2023/24

0.00-0.10

0.000.00

1.20-0.90

-0.010.00

0.000.00

Inputs - 2024/25 Crop Year - % acquired

Fertilizers/Crop Protection	3Q23	4Q23 - 03/06/2024	Δ%
Nitrogen	-	16.0%	100.0%
Potassium Chloride	-	82.0%	100.0%
Phosphates	-	87.0%	100.0%
Crop Protection	-	-	-

2

OPERATIONAL HIGHLIGHTS

Planted Area 2023/24 crop year budget x forecast

	Planted Area	Planted Area (a)	Planted Area (b)	Share	Δ%
Crop Mix	2022/23	2023/24 Budget	2023/24(1) Forecast	2023/24
(bxa)
	----------------------------ha----------------------------	%
Cotton lint	162,243	187,464	188,730	29.0%	0.7%
1st crop	85,823	90,088	106,715	16.4%	18.5%
2nd crop	76,420	97,376	82,015	12.6%	-15.8%
Soybean (Commercial + Seed)	346,941	336,770	320,009	49.1%	-5.0%
Corn 2nd crop	137,585	103,436	96,661	14.8%	-6.5%
Other cropst	27,615	46,733	46,316	7.1%	-0.9%
Total Area	674,384	674,403	651,716	100.0%	-3.4%

1. Weather factors may affect the planted area forecast.

COTTON	SOYBEAN	CORN
100%	60.1%	75.3%
PLANTED	HARVESTED	PLANTED
Δ	Δ	Δ
2023/24 x 2022/23
2023/24 x 2022/23	2023/24 x 2022/23
+16%*
-8%*	-30%*
	*Variation of planted area 2023/24 x 2022/23 crop year

Planting and Harvesting Schedule

Yields for 2023/24 crop year Budget x 2023/24 Crop year Forecast

Crops	Material Fact 12/04/2023	Forecast 2023/24	Δ%
Cotton 1st crop	2,019	2,020	-
Cotton 2nd crop	1,863	1,869	0.3%
Cottonseed (cottonseed + cotton seed)	2,409	2,410	-
Soybeans (comercial + seed)	3,667	3,432	13.1%
Corn 2nd crop	7,588	7,580	-0.1%

Production Cost - R$/hectare - 2022/23 x 2023/24 crop year

Crops	2022/23 Budget	4Q23 2023/24-Budget(1)	Δ%
Cotton 1st crop	15,163	13,205	-12.9%
Cotton 2nd crop	13,677	11,906	-12.9%
Soybeans (commercial + seed)	5,223	5,081	-2.7%
Corn 2nd crop	4,867	4,303	-11.6%
Total Average Cost	7,985(1)	7,177(1)	-10.1%

1. Weighted by the areas of the 2023/24 crop year, to avoid changes arising from variations in the product mix.

3

SUMÁRIO
FINANCIAL HIGHLIGHTS	1
OPERATIONAL HIGHLIGHTS	3
MANAGEMENT'S LETTER TO OUR SHAREHOLDERS AND STAKEHOLDERS	5
MARKET OUTLOOK	7
OPERATIONAL PERFORMANCE 2022/23 CROP YEAR	7
OPERATIONAL PERFORMANCE 2023/24 CROP YEAR	9
FINANCIAL PERFORMANCE	12
ESG COMMUNICATION WITH STAKEHOLDERS	25
FINANCIAL TABLES	27
OPERATIONAL DATA	27
LAND TABLES	27
PRODUCTION UNITS AND HEADQUARTERS LOCATION	28
EXHIBIT 1 - BALANCE SHEET: ASSETS	29
EXHIBIT 2 - BALANCE SHEET: LIABILITIES	30
EXHIBIT 3 - INCOME STATEMENT	31
EXHIBIT 4 - CASH FLOW STATEMENT	32

4

MANAGEMENT'S LETTER TO OUR SHAREHOLDERS AND STAKEHOLDERS

The year 2023 was marked by high yields and healthy results.

Operational Scenario - 2022/23 Crop Year

In the 2022/23 crop year, we delivered excellent yields despite the 20% reduction in the use of fertilizers (potassium chloride and phosphates). We maintained great soybean yields (close to a record), while the production of second-crop cotton and second-crop corn were new Company records that surpassed the national average!

We achieved soybean yield of 3,904 kg/ha. 2023's yield was 1.8% lower than the previous year's record yield and in line with initial budget. In relation to the national average, we outperformed it by 11.3% (CONAB, February/2024).

The yield of first-crop cotton lint came to 2,000 kg per hectare, 3.8% above the initial projection, 18.9% higher than in the previous crop year. Second-crop cotton lint ended the period with a yield of 2,037 kg/ha of cotton lint, increasing 10.8% from the budget and 56.1% higher than 2021/22 crop year. In relation to the national average (CONAB - February/2024), the average yield of our first-crop and second-crop cotton lint was 5.8% higher.

Second-crop corn harvest achieved yield of 7,708 kg/ha, was record. In relation to the national average, yield was 29.5% higher (CONAB February/2024).

Costs per hectare achieved for the 2022/23 crop year registered an average decrease in Brazilian real of 0.9% from budget, mainly due to the decline in the price of soybean bag in leases and the reduction of the application of inputs due to the higher use of new localized application technologies. In addition, the higher yields had a positive impact on unit cost R$/kg, which decreased 2.4% for first-crop cotton, 6.5% for second- crop cotton, 4.3% for soybean and 2.3% for second-crop corn.

In 2023, the seeds segment delivered EBITDA of R$ 87 million, with EBITDA margin of 14.3%, a decline of 3.3

1. from 2022, due to the increase of general and administrative expenses. Net Income was R$ 41.9 million, with net margin of 6.9%.

For 2024, the target is to sell 1,250,300 bags of 200,000 soybean seeds and 143,318 bags of 200,000 cotton seeds, an increase of 22.5% and 10.3% vs. 2023's achieved sales respectively.

Highlights 2023

In the financial performance of 2023, Net Revenue came to R$7.2 billion, while Net Income was R$938 million, reaching a net margin of 13%. Adjusted EBITDA was R$2.7 billion, with Adjusted EBITDA margin of 37.5% and Free Cash Generation of R$429 million. Cash generation was affected by delay cotton shipments (from cotton 2022/23 crop year, 101,000 tons were shipped in 2023, and the balance of 226,000 tons will be shipped in 2024) and by the acquisition of 12,000 ha of land from Paysandu Farm (disbursement of R$290 million in 2023). Even so, our leverage remained resilient, at 1.06x.

In April 2023, our shareholders approved the distribution of R$ 602 million, equivalent to 50% of Adjusted Net Income of the Parent Company (interest on own capital of R$ 71 million, paid in January, and dividends of R$531 million, paid in May). In addition, bonus shares were also approved, at the ratio of 10%, corresponding to one new share for ten common shares held on the base date of May 8th, 2023.

In 2023, we moved forward with our Share Buyback Programs, repurchasing in 2023 shares corresponding to 2,5% of the Company's capital stock. We also approved the cancelation of 5,2% of the Company's total capital stock. In November 2023, we approved a new buyback program, currently under way, for the acquisition of another 2% of the Company's capital stock. The Company also approved a stock split of all common shares issued by the Company, whereby one (1) common share will represent two (2) common shares.

The Management Proposal provides for the distribution of dividends corresponding to 50% of the Parent Company's net income (fiscal year 2023), i.e., R$389 million. Of this amount, R$24 million was paid as interest on own capital in January 2024, to be incorporated into the calculation of the mandatory dividends.

5

In June, we disclosed the appraisal of the land owned by the Company, conducted by the independent consulting firm Deloitte Touche Tohmatsu Ltda. The land was assessed at nearly R$11 billion, a 12% appreciation of the adjusted portfolio in relation to the previous year.

Operational Scenario - 2023/24 Crop Year

Adverse weather conditions affected the beginning of 2023/24 crop year, due to the El Niño phenomenon. The Brazilian Cerrado region saw precipitation below the historical average and high temperatures. These weather conditions were not adequate for the development of soybean, especially in western Mato Grosso, the region worst affected by drought. As a result, planted area needed to be adjusted for optimizing the production potential of crops and financial results.

The drought in the state of Mato Grosso adversely affected soybean crops but did not have the same effect on the other regions with high production potential, demonstrating the resilience of the Company's portfolio, thanks to its geographic diversification. Cotton crops have a high production potential, as precipitation normalized in the Cerrado region in mid-December, benefiting not only cotton, and corn as well, whose planting was concluded in the beginning of March.

Costs per hectare in Brazilian Real budgeted for the 2023/24 crop year decreased 10% on average from the 2022/23 crop year, reflecting mainly the lower prices of our main inputs.

We advanced in our 23/24 hedge position: 70.7% for soybean, considering all commitments, 37.4% for corn, and increased our hedge position for cotton, with the recent market response, which came to 40%. At the same time, we benefited from the appreciation of the U.S. dollar by entering into forward contracts for the crops (details on table 35).

Acquisition of Inputs 2024/25 Crop Year

For the 2024/25 crop year, for which planting will begin in September 2024, we already began purchases, and hedging a part of fertilizer demand (87% of the demand for phosphate fertilizers, 82% of potassium chloride and 16% of nitrogen), seizing attractive market opportunities.

ESG

We certified two of our farms under the regenerative agricultural practices program (Regenagri), we became the largest area certified in cotton and soy from the Americas. In addition, SLC Agrícola obtained the A- rating in the Climate Change program of CDP Latin America, joining the Climate Change Leadership group. In addition, we rose 18 positions in the Corporate Sustainability Index (ISE B3), which tracks the performance of shares issued by companies that stand out for their commitment to corporate sustainability. In 2023, SLC Agrícola's stock completed 16 years on the B3 and we are currently present in three of B3's sustainability indexes: ISE, ICO2 and IGPTW.

We thank our shareholders, employees and stakeholders yet another year of healthy results!

The Management.

6

MARKET OUTLOOK

Click here to download the market outlook pdf

OPERATIONAL PERFORMANCE 2022/23 CROP YEAR

The fourth quarter of 2023 was marked by the cotton processing and beginning of shipments.

Planted Area

Below is an update on the planted area for the 2022/23 crop year:

Table 1 - Planted Area by Crop 2021/22 vs. 2022/23 crop years

	Planted Area	Planted Area	Share
Crop Mix	2021/22	2022/23	2022/23	Δ%
	------------------ha------------------	%
Cotton lint	176,985	162,243	24.1%	-8.3%
Cotton lint 1st crop	86,357	85,823	12.7%	-0.6%
Cotton lint 2nd crop	90,628	76,420	11.3%	-15.7%
Soybean (Commercial + Seed)	334,891	346,941	51.4%	3.6%
Corn 2nd crop	121,633	137,585	20.4%	13.1%
Other Crops (1)	38,437	27,615	4.1%	-28.2%
Total Area	671,946	674,384	100.0%	0.4%

1. Other Crops (Brachiaria Seed 6,314.86 ha, Stylosanthes Seed 716.02 ha, Beans ,1.430.58 ha, Sesame 2.494,26 ha, MIllet Seed 8,786.01 ha, Corn 1st crop 1,133.88 ha, Corn Seed 667.46 ha, Cattle Herd 3,962.42 ha, Sorghum 1,041.77 ha and Wheat 1,067.74 ha) total 27,615 ha.

Yields

Table 2 - Projected Yields 2022/23 crop year

Yield (kg/ha)	2021/22 Crop Year	2022/23 Crop Year	2022/23 Crop Year	∆%	∆%
Achieved (a)	Budget (b)	Achieved (c)	(c) x (a)	(c) x (b)
Cotton lint 1st crop	1,682	1,927	2,000	18.9%	3.8%
Cotton lint 2nd crop	1,305	1,839	2,037	56.1%	10.8%
Cottonseed	1,833	2,372	2,491	35.9%	5.0%
Soybean (Commercial + Seed)	3,974	3,918	3,904	-1.8%	-0.4%
Corn 2nd crop	6,303	7,685	7,708	22.3%	0.3%

Commercial Soybean

We ended soybean harvest in late April, with yield of 3,904 kg/ha, 1.8% lower than the previous year's record yield, and 0.4% below initial forecast. However, we outperformed the national average by 11.3% (CONAB, February/2024).

Soybean Seed

In 2023, sales volume combined with domestic consumption totaled 1,020,575 bags of soybean seeds, down 8.9% from our initial estimate, due to lower sales in the vertical channel and direct sales to small and midsized producers. Today, we produce soybean seed in five states (Mato Grosso, Goiás, Tocantins, MinasGerais and Bahia) and remain fully focused on quality and meeting our clients' needs.

First-Crop Cotton Lint

The final yield attained was 2,000 kg/ha, a new record, 3.8% above the initial projection, 18.9% higher than in the previous crop year.

Second-Crop Cotton Lint

Second-crop cotton lint ended the period with a yield of 2,037 kg/ha of cotton lint, a new record, increasing 10.8% from the budget, 56.1% from 2021/22 crop year.

Compared to the national average (CONAB February/2024), we were higher by 5.8%, average for the 1st and 2nd crops.

Cotton Seed

In 2023, sales volume combined with domestic consumption totaled 129,950 bags of soybean seeds, up 7.0% from our initial estimate.

Second-Crop Corn

7

The yield of second-crop corn was 7,708 kg/ha, a new record, 22.3% higher than in the 2021/22 crop year and 0.3% higher than the initial budget. In relation to the national average (CONAB, February /2024), the yield was 29.5% higher.

Production Costs 2022/23 Crop Year

Table 3 - Achieved Costs - 2022/23 Crop Year

				Average	Average
%	Cotton	Soybean	Corn	Achieved	Achieved
				2022/23	2021/22
Variable Costs	82.8	74.8	81.5	80.4	79.6
Seeds	8.5	14.2	18.4	11.4	12.7
Fertilizers	24.2	15.5	34.0	23.0	25.4
Chemicals	24.7	19.4	13.3	21.7	18.8
Air Spraying	1.9	1.7	1.5	1.7	1.3
Fuels and Lubricants	3.1	5.3	3.8	3.8	4.6
Labor	0.7	0.7	0.5	0.7	0.8
Ginning	9.0	3.8	2.4	6.7	4.8
Maintenance	4.9	4.8	3.2	4.6	4.1
Others	5.8	9.5	4.4	6.7	7.1
Fixed Costs	17.2	25.2	18.5	19.6	20.4
Labor	6.2	8.1	6.1	6.7	7.2
Depreciations and amortizations	3.6	5.8	3.8	4.3	4.4
Right-of-Use depreciation - Leasing	4.7	7.6	6.0	5.7	6.2
Others	2.7	3.6	2.6	2.9	2.6

Table 4 - Production Cost in R$/hectare, 2022/23 Crop Year

Total (R$/ha)	Achieved 2021/22	Budget 2022/23	Achieved 2022/23	∆%	∆%
(a)	(b)	(c)	(c x b)	(c x a)
Cotton lint 1st crop	12,580	15,163	15,357	1.3%	22.1%
Cotton lint 2nd crop	10,191	13,677	14,161	3.5%	39.0%
Soybean(3)	4,283	5,377	5,128	-4.6%	19.7%
Corn 2nd crop	3,711	4,867	4,767	-2.1%	28.5%
Total average cost	6,425	7,547	7,476	-0.9%	16.4%

Table 5 - Unitary Cost 2022/23 Crop Year

	Budget Yield	Budget Cost	Budget Cost	Achieved	Achieved	Achieved
	Cost	Cost	∆%
	(Kg/ha)	(R$/ha)	(R$/kg)	Yield (Kg/ha)
	(R$/kg)	R$/kg	b x a
	2022/23	2022/23	2022/23 (a)	2022/23
	2022/23	2022/23(b)
Cotton lint 1st crop	1,927	15,163	7,87	2,000	15,357	7,68	-2.4%
Cotton lint 2nd crop	1,839	13,677	7,44	2,037	14,161	6,95	-6.5%
Soybean (commercial+seed)	3,918	5,377	1,37	3,904	5,128	1,31	-4.3%
Corn 2nd crop	7,685	4,867	0,63	7,708	4,767	0,62	-2.3%

Actual costs per hectare in the 2022/23 crop year declined on average 0.9% in Brazilian real compared to budgeted costs for the crop year. Such reduction reflected savings due to lower amounts of Depreciation of Right of Use - Leases, thanks to the decline in soybean prices and mainly the reduction in the application of inputs due to the greater use of new technologies.

8

OPERATIONAL PERFORMANCE 2023/24 CROP YEAR

The fourth quarter of 2023 was marked by the planting and beginning of harvest of soybean and first-crop planting.

Planted Area

On December 4th, 2023, the Company disclosed a Material Fact notice on the adjustment to its planted area due to adverse weather conditions that affected the start of the crop year. Compared to last report, we made some changes during soybean planting that affected the planted areas for first- and second-crop cotton, second-crop corn and other crops. These changes were: Reduction of 16,761 hectares of soybean, area initially projected for planting of soybean and second-crop cotton, but where only first-crop cotton was planted, since it has a higher margin, considering the planting window. Reduction of 6,775 hectares of second-crop corn due to the replanting of 19,000 hectares of soybean.

Table 6 - Planted Area by Crop 2022/23 vs. 2023/24 crop years -budget x forecast

	Planted Area	Planted Area (a)	Planted Area (b)	Share	Δ%
Crop Mix	2022/23	2023/24 Budget	2023/24(1) Forecast	2023/24
(b x a)
	----------------------------	ha ----------------------------	%
Cotton lint	162,243	187,464	188,730	29.0%	0.7%
Cotton lint 1st crop	85,823	90,088	106,715	16.4%	18.5%
Cotton lint 2nd crop	76,420	97,376	82,015	12.6%	-15.8%
Soybean (Commercial + Seed)	346,941	336,770	320,009	49.1%	-5.0%
Corn 2nd crop	137,585	103,436	96,661	14.8%	-6.5%
Other Crops (2)	27,615	46,733	46,316	7.1%	-0.9%
Total Area	674,384	674,403	651,716	100.0%	-3.4%

1. Weather factors may affect the planted area forecast.
2. Other Crops (First-crop corn 266 ha, Corn seed 767 ha, Wheat 9,306 ha, Mung bean 3,482 ha, Livestock 3,606 ha, Sorghum 262 ha, Sesame 2,624 ha, Brachiaria seed 12,042 ha, Buckwheat 519 ha, Pearl millet seed 6,522 ha, Crotalaria 1,859 ha, Forage Radish Seed 5,062 ha) Total 46,316 hectares.

Yields

Table 7 - Budget Yields 2023/24 crop year

Yield (kg/ha)	2022/23 Crop Year	2023/24 Crop Year	2023/24 Crop Year	∆%	∆%
Achieved (a)	Budget (b)	Forecast (c)	(c) x (a)	(c) x (b)
Cotton lint 1st crop	2,000	2,020	2,020	1.0%	0.0%
Cotton lint 2nd crop	2,037	1,869	1,869	-8.2%	0.0%
Cottonseed	2,491	2,410	2,410	-3.3%	0.0%
Soybean (Commercial + Seed)	3,904	3,948	3,432	-12.1%	-13.1%
Corn 2nd crop	7,708	7,580	7,580	-1.7%	0.0%

Commercial Soybean

The 2023/24 crop year was characterized by the El Niño phenomenon, which affected mainly western Mato Grosso state, with a sharp reduction in precipitation in October, November and December, as shown in the figure below.

Figure 1 - Monthly distribution of precipitation in relation to the historical average of Mato Grosso farms.

Mato Grosso State - SLC

Precipitation (mm)

September	October			Novembe
				December
		Historical			r		2023/24

Source: SLC Agrícola S.A. internal data

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