Brazil’s soybean production in MY 2024/25 will reach a record of 167 mln tons

According to Datagro forecasts, Brazil could harvest a record soybean crop in MY 2024/25 – 167.09 million tons, up 11.8% from the previous season’s level of 145 million tons.

Analysts expect yields to rise 9.6% year-over-year to 3.55 tons/ha. Planted area is also expected to grow again (for the 18th consecutive year) by 1.8% to MY 2023/24 levels to 47 million hectares.

França Júnior reports that between 2020 and 2023, the Brazilian market experienced a price boom due to climate and geopolitical issues in the world. In MY 2024/25, prices are forecast to stabilize with a slight drop in production costs, between 5% and 10%, which could guarantee more income for producers.

Experts also expect Brazilian soybean exports to reach 102 million tons in the 2024/25 marketing year, exceeding the expected 92 million tons in 2023/24 and setting a new record (the previous high was 101.87 million tons in the 2022/23 marketing year).

Brazil’s National Agricultural Agency (CONAB) previously forecast soybean production for the 2023/24 marketing season at 147.38 million tons. CONAB’s forecast for soybean exports remained unchanged at 92.4 million tons.

Tags: Brazil, soybean, crop forecast