Experts expect lower soybean yields in Brazil in MY 2023/24

The soybean harvest in Brazil this season may decrease by almost 6% to the level of MY 2022/23, according to analysts at Safras&Mercado. Thus, the gross harvest of oilseed for the year will fall from 157.83 million tons to 148.6 million tons. In February, experts gave a higher estimate of production of culture – 149.076 million tons.

As explained in the consulting company, adjustments were made against the backdrop of reduced production potential in the state of Parana due to unfavorable weather conditions in recent weeks.

At the same time, according to analyst Luis Fernando Gutierrez Roque, the precipitation that has been recorded in the country since early January, had a positive impact on the development of crops in some regions, so the decrease in the forecast from month to month was not so serious.

Companhia Nacional de Supply (Conab) still estimates the soybean harvest at 146.86 million tons, which is also lower than the 2022/23 MY results. According to Conab, yields in the current crop year will decline by more than 7%, despite an increase in planted area by 2.5% to 45.177 million hectares.

Tags: Brazil, soybean, crop forecast