Estimate of the 23/24 soybean harvest rises to approximately 148 million tons in Brazil

DATAGRO Grãos, in its eighth survey on the 2023/24 soybean harvest in Brazil, confirms the 17th consecutive year of increase in the area sown with the oilseed, despite the estimate having been reduced to 45.520 million hectares, compared to a previous projection of 45,530 million ha, which represents an increase of 1.9% compared to the 2022/23 season. The planting intention, announced in July last year, indicated 45,724 million hectares – just 204 thousand hectares different from the current number. “This has been a totally different year for Brazilian soybeans, with producers still encouraged to cultivate, but without the strength of previous years. Stimulus factors predominated, but due to the drop in prices and expectations of tighter margins, progress in planting was limited”, explains Flávio Roberto de França Junior, economist at DATAGRO Grãos. Despite the positive technological standard, the harvest ends with severe losses in production, assesses the consultancy. However, ...