Abiove reduces Brazil's soybean harvest and sees slight drop in exports in 2024

Published Dec 12, 2023

Tridge summary

Brazil's 2023/24 soybean harvest is estimated to reach a record 161.9 million tons, despite a reduction of 2.8 million tons compared to the November forecast due to climatic adversities. The soybean processing in Brazil is forecasted to be a record 54.5 million tons in 2024, reflecting an increase in biodiesel production and an overall expectation of a great cycle, according to the Brazilian Association of Vegetable Oil Industries (Abiove). Despite facing soybean shortages, Brazil is expected to have ample supply, with ending stocks estimated at more than 10 million tons in 2024, enabling the country to serve various soybean oil markets.

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Original content

By Roberto Samora SÃO PAULO (Reuters) - Brazil's 2023/24 soybean harvest was estimated this Tuesday at a record 161.9 million tons, but with a reduction of 2.8 million tons compared to the November forecast, according to data from the Brazilian Association of Vegetable Oil Industries (Abiove). Despite the climatic adversities that have already mainly affected the harvest of the largest oilseed producer in Brazil, Mato Grosso, the association that represents trading companies and processors still sees an increase of 2.4% in the harvest compared to the previous year. "Abiove's projections for 2024 were adjusted, mainly due to the impacts of the climate on crops. Even so, the expectation is for a great cycle", stated the association that brings together the main grain processors and traders. If the estimated volume is confirmed for the harvest with harvest starting in a few more weeks in Mato Grosso, soybean processing in Brazil (largest global producer and exporter) will be a ...

Source: NoticiasAgricolas