Source: APKinform (Ukraine)
Brazil could harvest a record 165 million tons of soybeans in the 2024/25 marketing year, after 149 million tons were harvested in the 2023/24 season under difficult weather conditions, according to forecasts by consulting firm Stone X.
The forecast high production of the oilseed is due to the expected return of yields to 3.55 tons/hectare, provided weather conditions do not deteriorate significantly and cultivation areas are expanded further. In Brazil, 46.53 million hectares of soybeans are expected to be cultivated in the 2024/25 marketing year, compared to 46.16 million hectares in the previous season. However, due to less favorable soybean prices, the increase will be more modest compared to previous years.
At the same time, the experts announced a forecast for Brazilian soybean exports in the 2024/25 marketing year of 102 million tons, compared to an expected 92 million tons in the 2023/24 marketing year, which would also mean an update of the record (the previous high was 101.87 million tons in the 2022/23 marketing year).
StoneX also expects the country’s total corn production to increase to 123.14 million tons in the 2024/25 marketing year, up from 121.8 million tons in the 2023/24 marketing year. The first corn harvest in the 2024/25 marketing year is expected to be 24.96 million tons (-4.2% year-on-year).
Corn exports are expected to reach 37.5 million tons in the new season, compared to 40 million tons in the 2023/24 marketing year.