Brazil’s soybean 2023/24 crop season is estimated to be a record 163.63 million tons, according to a report by StoneX. This is a slight increase of 156,000 tons from the August forecast. The increase in soybean production resulted from a change in the planted area in Minas Gerais, with no changes in other states. The estimated area for Minas Gerais is seen at 2.24 million hectares, 40 thousand hectares more than the previous projection, but corn’s first crop lost space in the state. Brazil’s overall area is estimated to be 45.14 million hectares, up around 1 million hectares from the previous cycle. There have been no alterations to productivity as the crop has not yet been planted.
Source: Forbes Agro/Reuters (*Translated by Ia Niani)