Brazil 2023/2024 soybean crop forecast slashed by 5 mln T to 153 mln T – Itau BBA

Brazilian farmers are expected to reap 153 million metric tons of soybeans in the 2023/24 cycle, 5 million tons below a previous forecast, as rains have been weaker than expected in December, according to analysts at Itau BBA.

In the beginning of the month, the maps indicated good rainfall and showers well distributed over the center of Brazil. However, as the days went by, rainfall once again was below average over most of the country, which led to a downward revision, Itau BBA analysts said.

Tags: Brazil, rainfall, soybeans, forecast