Abiove: estimates indicate lower soybean production in 2023/24, but processing is maintained at 54.5 million/t in Brazil

São Paulo, 02/28/2024 - The Brazilian Association of Vegetable Oil Industries (Abiove) today released updated data with monthly statistics on the soybean complex in Brazil, until January 2024. According to the association's estimates, soybean production in Brazil in the current 2023/24 harvest it should reach 153.8 million tons, compared to 156.1 million tons in the previous month's projection. Abiove highlights that the entity's estimates are based on average productivity data in Brazil reported by its member companies. In this sense, the average yield of oilseed crops in the current cycle was revised to 3,411 kg/ha compared to 3,597 kg/ha in 2022/23. Soybean grain processing was maintained at 54.5 million tons, as well as bran and oil production estimates of 41.7 million tons and 11 million tons, respectively. Exports of the soybean complex were also reevaluated. Foreign sales of soybeans are projected at 97.80 million tons, compared to 98.10 million tons in the previous ...