2024/45 Brazil Soybean Estimate Unchanged at 170.0 Million Tons

Rainfall in central Brazil eased a bit last week while rainfall in southern Brazil picked up last week. The forecast calls for fairly widespread rain this week with heaviest amounts in Goias, Minas Gerais, and Sao Paulo. Dryness is likely to linger in far southern Brazil. Soybean yields in central and northern Brazil are expected to be good, in some cases a record, but maybe not as good as expected due to overcast skies and lack of sunshine. There have not been any widespread reports of poor-quality soybeans due to wet conditions at harvest, but that could change if wet weather returns to central Brazil. Yields in southern Brazil are expected to be disappointing due to previous hot and dry conditions. Therefore, the 2024/25 Brazil soybean estimate was left unchanged again this week at 170.0 million tons with a neutral bias. There needs to be more yield reports before we decide if the estimate moves higher or lower. The range of the current estimates is about 166 to 173 million ...