Brazil’s soybean harvest in MY 2024/25 may reach 165 mln tons

Consulting firm Stone X forecasts that Brazil could harvest a record 165 million tons of soybeans in the 2024/25 marketing year, well above the 149 million tons harvested in the 2023/24 season, despite difficult weather conditions. The expected high soybean production is associated with a return of yields to 3.55 tons per hectare, provided there are no major climatic changes and continued expansion of planted area.

Brazil plans to plant 46.53 million hectares of soybeans in the 2024/25 marketing year, up slightly from 46.16 million hectares in the previous season.

However, the financial increase will be less significant compared to previous years due to less favorable soybean prices. Experts also predict that Brazilian soybean exports will reach 102 million tons in the 2024/25 marketing year, exceeding the expected 92 million tons in 2023/24 and setting a new record (the previous high was 101.87 million tons in the 2022/23 marketing year).

Earlier, the country’s customs office recorded record bean exports of 11.2 million tons in July this year, 16% higher than July 2023 (9.69 million tons).

Tags: Brazil, soybean, crop forecast