Brazil’s soybean harvest in MY 2023/24 will be 147.7 million tons – AgRural

Brazilian farmers may harvest about 147.7 million tons of soybeans in the season-2023/24. This forecast was announced by analysts of the consulting agency AgRural, who reduced their estimate of oilseed production by 2.4 million tons (150.1 million tons) compared to January due to unfavorable weather conditions in the key growing regions of the crop.

AgRural has already lowered its soybean crop estimates several times since the end of last year. In November, before the next wave of drought, when the temperature in Brazil was above average for several days, the forecast of the consulting company was 164.6 million tons.

According to experts, the latest adjustments were due to crop losses in the states of Parana and Mato Grosso do Sul due to irregular rainfall and hot weather in January and February.

AgRural also added that the soybean harvesting campaign is still ongoing in Brazil: by February 22, about 40% of the oilseed area had been harvested from the plan (33% compared to the same date last year), during the week field work advanced by 8%.

Tags: Brazil, soybean, crop forecast