Brazil’s soybean forecast for 2024/25 is lowered

Brazilian farmers will harvest 171.3 million metric tons of soybeans in the 2024/25 season, down from the 172.4 million tons forecast in January, consultancy Agroconsult said Wednesday after inspecting about half the fields during a nationwide crop tour.

Although the crop is 1.1 million tons less than forecast in January, it will be 15.8 million tons more than last season and still a record.

Problems in Rio Grande do Sul and Mato Grosso do Sul, where farmers have “abandoned” some plots and losses have become “irreversible” in some places, have been offset by good harvests in other states, the consultancy said.

In Mato Grosso, for example, Agroconsult had expected an average yield of 63 bags per hectare before the tour. Now the yield forecast has been raised to 66.5 bags per hectare, a new record.

According to Agroconsult, soybean production in Mato Grosso state could exceed 50 million tons for the first time in history.

Agroconsult also raised the forecast soybean acreage in Brazil by 100,000 hectares to 47.6 million hectares, up 1.7% from last season.

Translated with DeepL.com (free version)

Tags: Brazil, soybean, crop forecast