Brazil’s soybean harvest in 2023/24 MY will be a record – Safras&Mercado

Brazilian farmers can harvest about 158.23 mln tonnes of soybeans this season, which is 0.3% higher than the record level of the previous agricultural season (157.83 mln tonnes). This forecast was announced by the experts of Safras&Mercado, who lowered their estimate of the oilseed production by almost 2% (from 161.38 mln tonnes).

Experts explained such adjustments by unfavorable weather conditions that negatively affect the development of crops in key producing states, especially in Mato Grosso.

Safras&Mercado also estimated that the soybean acreage in Brazil was expanded from last year’s 44.68 mln ha to 45.55 mln ha, and the yield in 2023/24 MY is 3.55 t/ha against 3.49 t/ha previously.

According to the analyst Luiz Fernando Gutierrez Roque, the Brazilian oilseed harvest still depends on the climate, especially in the southern, northern and northeastern regions of the country.

“If the weather doesn’t improve, we could see big losses. If the weather does stabilize, some states will compensate for some of the expected losses in Mato Grosso,” he concludes.

Tags: soybean, crop forecast, Brazil