Conab raises soybean production estimate for 2024/25

Brazil’s national agriculture agency Conab on Thursday raised its 2024/25 soybean production forecast for the country, the world’s largest producer and exporter, to 167.87 million metric tons from 167.37 million tons.

Record yields of the oilseed crop were recorded in states such as São Paulo, Goias, Tocantins and Mato Grosso, while Rio Grande do Sul continued to underperform due to poor weather conditions, Conab said in a report.

The agency also forecasts that local farmers will harvest a total corn crop of 124.74 million tons, including 97.89 million tons of second-crop corn, about three-quarters of the country’s production in a given year.

Farmers in Brazil typically sow the second crop of corn after soybeans are harvested.

Conab said conditions for planting the second crop were favorable in most producing regions, noting that in some areas reduced rainfall in February and early March slowed progress.

Conab said corn is expected to be planted on 16.9 million hectares this crop season, up 2.8% from the previous cycle.

Tags: Brazil, soybean, crop forecast