Brazil’s soybean production in MY 2024/25 could increase by almost 10%

In their first forecast for the current season, Abiove analysts announced that Brazil’s soybean production in MY 2024/25 will reach a record 167.7 million tons, up 9.4% from the previous season. Last season was also a record 160.3 million tons for the country.

The planted area is estimated at 46.4 million hectares. Bean yield is expected at 3.62 tons per hectare.

The announced figures exceed the forecast values of Conab experts – 166.14 million tons with a yield of 3.51 t/ha, which is planned to be harvested from 47.4 million hectares.

In addition, Abiove analysts expect that Brazil can export a record 104.1 million tons in the season-2024/25 (+5.9% for the year). China will remain the main buyer. They also believe that soybean processing may increase to record volumes – up to 57 million tons, which is 4.6% higher than in the previous season and will be a new historical high.

According to OleoScope, the country’s soybean harvest in the 2024/25 season is estimated at 169 million tons, last season Brazil supplied more than 104 million tons of soybeans to domestic markets (+8.7 million tons compared to the 2022/23 season) and will increase this figure by another million tons in the current season.

Tags: Brazil, soybean, crop forecast