SAFRAS cuts Brazil’s soybean production estimate to 161.377 mln tons
Market & Price Trends
Published Nov 29, 2023
Brazil's soybean production for the 2023/24 season is estimated to be 161.377 million tons, which would be the largest crop in history. This is a slight decrease from the previous estimate of 163.25 million tons due to irregular climate conditions in certain states. Despite the challenges, yields are still expected to be high, especially if there is improvement in the climate.
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.
In July, when the planting intention report was released, the projection was 163.25 mln tons. The reduction from the previous estimate is 1.87 mln tons, or 1.15%. SAFRAS indicates an increase of 2.1% in the area, estimated at 45.62 mln hectares. In 2022/23, planting occupied 44.68 mln hectares. The survey shows that average yield must increase from 3,550 to 3,555 kilograms per hectare. Fine adjustments were made to the expected average yield potentials for some states in the Midwest, North, and Northeast regions of the country due to the irregular climate (low moisture and high temperatures) registered since October. The negative highlights are the states of Mato Grosso and Goiás. Despite this, it is important to highlight that yields can still be high in these states, although they should be lower than those registered in the 2022/23 season (which were quite high). If the climate does not improve, new cuts may occur, but if there is ...