News

Brazil's soybean harvest could fall by 4% in 2024

Soybean
Brazil
Market & Price Trends
Published Apr 19, 2024

Tridge summary

Brazil's soybean production is expected to fall by 4% this year, reaching nearly 153.8 million tons, as reported by Abiove, due to adverse weather impacting sowing. This represents a 6.5 million ton decrease from the previous record harvest. As a result, exports of soybeans and their derivatives are predicted to drop, with soybean exports alone forecasted to decrease to 97.8 million tons from 101.86 million tons. Additionally, exports of soybean meal and oil are expected to decline. Despite this, domestic oil consumption is set to rise by one million tons to 9.7 million tons, largely due to an increased mandate for biodiesel production.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

This year's soybean harvest in Brazil could fall by 4% from last year's level, or to almost 153.8 million tons. OleoScope reports this with reference to the forecast of analysts from the national association of vegetable oil producers (Abiove). In exact figures, this is 6.5 million tons less. Experts also noted that last year’s result was a record, although they did not specify for what period. Analysts also did not explain the deterioration in the assessment; the likely reason was the effect of unfavorable weather conditions for sowing beans during the year. In this regard, the association also expects a reduction in the export of culture and its processed products. Supplies abroad of oilseeds there are estimated at 97.8 million tons against the earlier 101.86, which also became the maximum figure at that time. Exports of soybean meal and oil will also decrease, although not as significantly - by 900 thousand and 1.18 million tons, from 22.5 to 21.6 and from 2.33 to 1.15 million, ...
Source: Rosng
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