Brazil’s soybean production increased to 147.38 million tons this season

Brazil’s National Agricultural Agency (CONAB) forecasts soybean production for the 2023-24 marketing season at 147.38 million tons. This estimate is 1.2 million tons more than the previous forecast, but 4.7% or 6.92 million tons less than the previous season. This is still well below the USDA reports, sticking to its 153 million tons position announced on Monday. Industry experts estimate total production at around 145 million tons. Forecasts for Brazil’s soybean production began to diverge by 6 million tons in the June report.

CONAB adjusted the estimated soybean planted area by about 500,000 hectares to a total of 45.7 million hectares . This represents a 3.8% increase over the 2022-23 season.

Brazil remains the world’s largest producer and exporter of soybeans, the most important crop in the global agricultural market. However, recent natural disasters have negatively affected the quality and quantity of this year’s crop.

CONAB’s forecast for soybean exports remained unchanged at 92.4 million tons.

Tags: soybean, crop forecast, Brazil