The first forecast for 2024 from Abiove: Brazil will harvest a record amount of soybeans

The Brazilian Association of Vegetable Oil Producers (Abiove) has updated the statistics of the soybean complex in Brazil until August 2023 and published the first forecast for the 2024 harvest.

The data for January-August of this year show that soybean production will amount to 157.7 mln tonnes, with 53.5 mln tonnes processed. The volumes are slightly higher than last month.

Harvest 2024

Abiove’s first forecast for the next cycle indicates another historical record for soybean production: 164.7 million tons. This is due to an increase in area from 44 million hectares in 2023 to 45.1 million in 2024.

Processing is also set to be the largest ever recorded, at 54 million tons, especially due to rising demand for soybean oil for biodiesel.

Soybean exports are projected to reach 100 million tons, matching 2023.

Tags: soybean, crop forecast, soybean oil, Brazil