AgRural lowers estimates of soybean harvest in Brazil

Brazil may harvest about 163.5 mln tons of soybeans in the current season. This forecast was released by the analysts of AgRural, who reduced their estimate of the gross harvest of the oilseed by more than 1 mln tonnes.

Experts clarified that the adjustments occurred against the background of irregular precipitation and periodic drought, which adversely affect the oilseed crops in the key producing region – Mato Grosso state.

In addition, analysts do not rule out further downward adjustments by the end of November, depending on weather conditions. At the same time, despite the lowered estimates, the soybean harvest in Brazil will be a record again.

The USDA previously estimated the oilseed production in the South American region at 163 mln tonnes in 2023/24 MY. It is expected that more than 97.5 mln tonnes of Brazilian beans will be exported.

Tags: Brazil, soybean, crop forecast