Brazil’s 2023/24 soybean crop to reach 163.2m mt: Safras & Mercado

According to the forecasts of the local consulting company Safras & Mercado, the soybean harvest in Brazil in 2023/24 MY will reach 163.2 mln tonnes, up 4.5% from 156.1 mln tonnes in 2022/23 MY. It is reported by AgriCensus.

It is emphasized that this result is the record high for the country for the whole period of observations. According to the experts, it will be possible to achieve such level of oilseed harvesting against the background of the increase in the acreage and yield under the crop.

Brazil is currently the largest soybean producer in the world. The tropical climate and relative availability of space make this region ideal for growing not only soybeans but also corn – however, these two crops are mainly exported, covering most of the needs of the entire global market.

Tags: Brazil, soybean, crop forecast