Experts downgrade estimates for Brazil's soybean harvest

Unsettled weather has prompted adjustments to Brazil's 2023/24 soybean crop estimates. Safras & Mercado revised its estimate downwards, mainly due to lack of rainfall in Mato Grosso, the main producing state. At the same time, some changes were made to the structure of supply and demand. Brazil's soybean exports are expected to reach 100 million tons in 2024, repeating the volume reported for 2023. The previous report, published in early December, made the same predictions. Harvest indicates processing of 54 million tonnes in 2024 and 53 million tonnes in 2023, with a 2% increase season-to-season. There were also no changes compared to early December. Imports are expected to reach 110 thousand tons in 2024 versus 180 thousand tons in 2023. Compared to the 2024 season, total soybean production is expected to increase 1% to 163.577 million tons. But at the beginning of December, 166.724 million tons were expected. Demand for the crop is forecast to be 157.7 million tonnes, up 1% ...