Brazil: Céleres revises the soybean 2023/24 harvest downwards to 153.5 million tons; export will be lower

Market & Price Trends
Published Feb 3, 2024

Tridge summary

Brazil's soybean harvest for 2023/24 is projected to fall by 5.5 million tons to 153.5 million tons due to climate damage and planting delays, according to consultancy Céleres. Exports are also expected to drop to 96.5 million tons from 101.9 million tons. The decrease in production and exports is attributed to deflation in China and low margins in pig farming, which have led to reduced soybean consumption and imports. However, the replenishment of global stocks, especially in Argentina and neighboring countries, is likely to put pressure on prices.
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

By Vinicius Galera São Paulo, 02/02/2024 - Céleres revised downwards its estimate for Brazil's soybean harvest in 2023/24. Now, according to the consultancy, Brazil should produce 153.5 million tons, 5.5 million tons less compared to the last harvest (159 million tons). As a result, exports will also be lower, at 96.5 million tons, below the 101.9 million tons shipped in the previous cycle. Despite the drop, the replenishment of global stocks should put pressure on prices, says the consultancy. The reduction in production is attributed to climate damage and planting delays. In addition to the lower volume available, deflation in China and low margins in pig farming in the Asian country, the main importer of Brazilian soybeans, contribute to the drop in exports. According to Céleres, China tends to replace soybean meal with cheaper feed options such as corn, causing a slowdown in consumption and imports of the oilseed. The recovery of global stocks, driven by the resumption of ...
Source: Broadcast
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