Soybean prices in Brazil reach their highest level in three months, influenced by irregular weather

Production In its latest release, Conab maintained its estimate for the national soybean harvest in the 2023/24 harvest at 147.4 million tons, a 4.7% decrease compared to the previous harvest. Likewise, IBGE projects a 4.9% drop in grain production. This result is mainly attributed to the reduction in productivity, associated with adverse climate factors originating from El Niño. In the current harvest, Mato Grosso, the largest national producer, is expected to show a 13.7% drop due to the 15.7% drop in productivity. Influenced by the same factors, Paraná (-18.0%), Goiás (-5.1%) and Mato Grosso do Sul (-19.5%) are also expected to show a decline in grain production. On the other hand, Rio Grande do Sul is expected to combine the increase in planted area (3.2%) and productivity (46.3%) and expand its harvest by 51.0%. Looking ahead, Conab's first survey of agricultural and livestock production in the 2024/25 harvest pointed to a harvest of 166 million tons, a new historical high ...