Abiove raised its estimate of the soybean crop in Brazil

The Brazilian Association of Vegetable Oils Producers (Abiove) reported a slight increase of 100 thousand tons in the Brazilian soybean crop estimate, with the harvest nearing completion but not taking into account the possible effects of flooding in Rio Grande do Sul.

The national crop is now estimated at 153.9 million tons, up from 153.8 million tons in the April forecast. But data from the association of trading and processing companies was updated late last week, still not taking into account possible losses in gaucho crops, which remain uncertain.

Rio Grande do Sul harvested about 75 percent of its soybean crop before the floods and reached a record yield of about 22 million tons, up 68 percent from last season, when drought destroyed some fields.

Emater technical director Claudinei Baldissera told Reuters that the technical assistance body was trying to quantify potential crop losses from severe flooding, as well as the extent of damage to silos located in lower regions.

He added that the soybean crop had increased to 78% of the state’s planted acreage, “the maximum”, according to preliminary data until this Thursday. Emater will release the data on Thursday afternoon.

Rio Grande do Sul (Farsul) state agriculture federation president Gedean Silveira Pereira told Reuters this week that some of the soybean crops affected by the rains could still be harvested. He avoided making estimates.

The sector is also concerned about the quality of oilseed crops left in gaucho fields.

Rio Grande do Sul, with a good harvest, was expected to be able to offset some of the crop losses recorded in Mato Grosso, which had previously suffered from severe drought.

Last year Brazil, the largest exporter and producer of soybeans, harvested 160.3 million tons of the product. According to current data from Abiove, the National harvest will already be down 4% compared to 2023.

RETAINED ESTIMATES

Abiove did not change Brazil’s export and processing forecasts for the year, even though it raised its crop forecast slightly.

The association estimates Brazil will export 97.8 million tons of soybeans in 2024, up from a record 101.87 million last year.

Processing is expected to reach 54.5 million tons, up from 54.165 million tons in 2023.

Tags: Brazil, soybean, crop forecast