Brazil's 2023/24 soybean harvest to hit record despite bad weather

Brazil's soybean crop is expected to reach a record 161.6 million tonnes in 2023/24, agribusiness consultancy Agroconsult said on Wednesday, despite weather challenges expected to keep overall production below the country's potential. Unfavorable weather with erratic rainfall in central northern Brazil will limit this season's harvest by 7.6 million tonnes, with most of the losses recorded in the state of Mato Grosso, the largest grain producer, according to Agroconsult. Despite this, production will exceed the 159.7 million tons observed in the previous cycle, as planted area is forecast to increase by 2.9% to 45.7 million hectares and yields in Rio Grande do Sul, Brazil's southernmost state, will improve. Supply from the South American country, the world's largest soybean producer and exporter, is expected to decline next year as production increases in neighboring Argentina, which has faced a crop failure this year due to a historic drought. Brazil's soybean exports, with China ...