News

2023/24 soybeans in Brazil were 32% harvested compared to 26% on average

Soybean
Brazil
Market & Price Trends
Published Feb 26, 2024

Tridge summary

Brazil's soybean harvests are yielding lower than expected results due to adverse weather conditions, leading to a reduction in the 2023/24 Brazil soybean estimate by 2.0 million tons to 145.0 million. The Secretary of Agricultural Policy at the Brazilian Ministry of Agriculture suggests the production could fall even further. The Soybean & Corn Producers Association of Parana and Brazil are seeking an extension on the payment period for farmer’s production loans due to these low yields and low soybean prices. In Goias, the soybean harvest is 20% complete, with expected yields down by 10-20% and prices down approximately 30% compared to last year.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

There has been a lot of speculation in Brazil if the yields of the later maturing soybeans would be able to compensate for the low yields from the early maturing soybeans. We are now close to having the final yields from several locations in Mato Grosso and Parana, which are Brazil’s two largest soybean producing states, and it appears that the later maturing soybeans will not be able to fully compensate for lower yields from the early maturing soybeans. Generally, the final yields are running approximately 10 bu/ac below what had been expected initially. If the initial yield expectation had been in the mid-50s bu/ac range, yields are coming in mid or upper 40s bu/ac, or 10% to 20% below expectations, depending on location. Therefore, the 2023/24 Brazil soybean estimate was lowered 2.0 million tons this week to 145.0 million. If the current yield trend continues going forward, the Brazilian soybean estimate could move lower. Rainfall last week favored south central and southern ...
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