Analysts forecast record production and exports of Brazilian soybeans

Brazil’s soybean harvest in 2024/25 will be a record 172.2 million tons, consultancy Agrocounsult forecasts, higher than the expectations of state agency Conab, which earlier in November announced a 2024/25 crop forecast of 166.1 million tons.

If Agrocounsult’s forecast is confirmed, the figure would exceed the historical high of 162.4 million tons of the 2022/23 season and would be 10.7% higher than the 2023/24 season with unfavorable weather conditions.

At an event in Sao Paulo, Agroconsult estimated Brazil’s soybean acreage in the current season at 47.5 million hectares, up 1.5% from the previous season, Reuters writes.

Agroconsult head Andre Pessoa said the soybean crop estimate could be revised upward, citing very favorable planting conditions in Brazilian states such as Mato Grosso and Goias.

Brazil’s soybean exports could also break the 2023 record. Exports are expected to reach 103.4 million tons in 2025 against 98.2 million tons expected this year.

Tags: export, Brazil, soybean, crop forecast