StoneX analysts reduce soybean harvest in Brazil by 3.1 million tons

Brazilian farmers can harvest about 161.9 mln tonnes of soybeans in the season-2023/24, according to the forecasts of StoneX analysts, who lowered the oilseed production estimate by 3.1 mln tonnes compared to the previous estimate. They explain that such adjustments are related to hot and dry weather conditions in the northern and central regions of Brazil.

At the same time, the updated estimate is still a record, exceeding the level of 2022/23 MY by about 5% (154.6 mln tons).

The forecast of oilseed exports was also lowered by 1 mln tons to 103 mln tons. Last year, 98.1 mln tons of Brazilian soybeans were shipped abroad.

In addition, for the current season, the estimate of corn harvest in Brazil has been reduced to 126 million tons, including first-crop corn – by 0.3 million tons to 26.5 million tons (in 2022/23 MY – 27.4 million tons), safrinha – by 1.7 million tons to 97.3 million tons (102.2 million tons) million tons).

Tags: crop forecast, Brazil, soybean