Brazil’s soybean harvest will be above MY 2022/23 levels

Soybean production in Brazil in the current season may reach 156.1 million tons, according to experts of the national association Abiove, who reduced the estimate of gross harvest of the oilseed relative to December by 4.2 million tons (in the previous agricultural year milled 154.6 million tons).

Soybean harvesting in the country is still at the initial stage: by February 3, threshing had been carried out on 14% of the planned area against 9% a year earlier.

“The recent decrease in rainfall has allowed field work to continue in Mato Grosso. Overall, late-sown crops are in relatively good condition, but yield potential is still lower than in the previous season,” Conab told the agency.

In addition, Abiove lowered its estimate of Brazilian soybean exports for this year by 1.2 million tons to 98.1 million tons (-3.8 million tons by 2023).

The oilseed processing forecast was maintained at 54.5 million tons (+2.4 million tons per year). Output of soybean meal is expected to reach 41.7 million tons (+1 million tons), soybean oil – 10.9 million tons (+0.4 million tons).

Tags: soybean, Brazil