Soybean oil

Experts have drastically reduced estimates for Brazilian soy production


Analysts at Refinitiv Commodities Research have increased their estimate of the gross soybean harvest in Brazil for the 2023/24 season by 4,1 million Tonnen reduced to 159,3 million tonnes. The experts justified these adjustments with the unfavorable consequences of the unusual drought and the delays in the start of sowing in the regions in the central west and southeast of the country. Nevertheless, even after the cut, the new forecast exceeds the level for the Wirtschaftsjahr 2022/23 (154,6 million tonnes).

“The delays in the start of sowing have led to changes in plant growth, causing plants to miss their ideal development window, which will have a negative impact on yields,” the experts explained.

In addition, the current delays in the fields will potentially disrupt the safrinha planting cycle. Together with the negative impact of excessive moisture in key first-harvest corn-growing areas, the Brazilian corn harvest forecast for the 2023/24 marketing year is reduced by 3,9 million tons to 121,3 million tons (131,8 million tons were harvested in the previous season).

Source: oleoscope (Russian)

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