The Brazilian Association of Vegetable Oil Industries (Abiove) has forecasted the country's soybean production for the 2023/24 harvest to reach 153.2 million tons, an increase of 700 thousand tons from the previous month's estimate. The projected crushing volume remains unchanged at 54.5 million tons, with soybean meal production estimated at 41.7 million tons and oil production at 11 million tons. However, soybean processing in May saw a decrease of 1.5% compared to the previous month and 6.2% compared to the same period in the previous year. Expected export volumes are 97.8 million tons of soybeans, 21.7 million tons of soybean meal, and 1.15 million tons of soybean oil, with revenue projections from these exports at US$49.6 billion.