Farmers in Brazil may harvest about 158.23 million tons of soybeans this season, which is 0.3% above the record level of the previous crop year (157.83 million tons). Such a forecast was announced by experts from Safras & Mercado, having reduced their estimate of oilseed production relative to the previous one by almost 2% (from 161.38 million tons).
Experts explained such adjustments by unfavorable weather conditions, which negatively affect the development of crops in key producing states, especially in Mato Grosso.
Safras&Mercado also calculated that the area planted to soybeans in Brazil was expanded from last year’s 44.68 million hectares to 45.55 million hectares, and the yield for MY 2023/24 is 3.55 t/ha, compared to 3.49 t/ha the season before.
According to analyst Luiz Fernado Gutierrez Roque, the Brazilian oilseed crop still depends on the climate, especially in the southern, northern and northeastern regions of the country.
“If the weather doesn’t improve, we could see big losses. If the weather does stabilize, some states will make up for some of the expected losses of oilseed in Mato Grosso,” he concludes.