2024/2025 Brazil Soy Estimate Unchanged at 169.0 Million Tons
2024/2025 Brazil soybean estimate was left unchanged this week at 169.0 million tons with a neutral bias.
The Brazil soybean harvest is approaching completion with the exception of Rio Grande do Sul where wet weather has delayed the harvest. Brazil soybeans reached 89% harvested last week, compared to 85% last year at this time and 88.9% average. Soybean harvesting in Rio Grande do Sul reached 50.6% last week.
Last week ended with more than 60 boats of soybeans purchased by China from Brazil according to Agrinvest Commodities which represents a record for the period. The current US-China trade war is forcing China to look to Brazil for most of their soybean purchases. April 2025 should end with record exports of soybeans – surpassing the previous record of 13.5 million tons in April 2024. In the first week of April, farmers sold 4.5 million tons of soybeans with an additional 10 million tons expected by the end of the month.
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