One third of Brazil’s 2023/24 MY soybean crop realized – Safras&Mercado

Brazilian farmers have already sold almost 54.6 million tons of soybeans for the 2023/24 season, or 36.6% of the projected production of the oilseed in the current crop year. Such data was released by the consulting company Safras&Mercado.

Brazil continues to compete with the United States and Argentina for leadership in the global market, seeking to send most of its products to China.

According to analyst Luiz Fernando Roque, soybean sales by growers have recently advanced, despite lower raw material prices, as agrarians need working capital. He also emphasized that the pace of oilseed sales in general remains below average.

Safras&Mercado forecasts Brazil’s soybean production in MY 2023/24 at 149.1 million tons.

Earlier, AgRural analysts reported the completion of the country’s oilseed harvest on 55% of the plan by March 7.

Tags: Brazil, soybean, export