Source: Oleoscope (Russia)
According to forecasts by the consulting firm Stone X, Brazil could harvest a record 165 million tons of soybeans in the 2024/25 marketing year, which is significantly higher than the 149 million tons harvested in the 2023/24 season despite difficult weather conditions. The expected high soybean production is due to a return in yields to 3.55 tons per hectare, assuming there are no major climatic changes and the area under cultivation is expanded further.
Brazil plans to plant 46.53 million hectares of soybeans in the 2024/25 marketing year, a slight increase compared to 46.16 million hectares in the previous season.
However, the financial increase will be lower compared to previous years due to less favorable soybean prices. Experts also expect Brazilian soybean exports to reach 102 million tons in the 2024/25 marketing year, surpassing the 92 million tons expected in the 2023/24 marketing year and setting a new record (the previous high was 101.87 million tons in the 2022/23 marketing year).
Previously, the country’s customs authority had recorded record exports of 11.2 million tons of beans in July this year, 16% more than in July 2023 (9.69 million tons).
