Sao Paulo | Reuters—Brazil’s 2024-2025 soybean crop is expected to reach 171.4 million metric tons, consultancy firm StoneX said on Thursday, increasing its forecast from the 166.2 million tons it had estimated in December.
The upward revision was driven by higher expectations for the area planted with the oilseed in the South American country and increased yields, according to StoneX, which estimated production to be 14.4 per cent higher than in the previous season.
Farmers in Brazil, the world’s largest soy producer and exporter, are set to see yields recover in the current cycle after grappling with adverse weather in 2023/24, which affected overall production of the oilseed.
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“Everything points to soybean production exceeding 170 million tons, but the weather remains on the radar as there is a possibility of excessive rainfall at the end of the cycle, which could cause some damage,” StoneX analyst Ana Luiza Lodi said.
Soybean exports in the season were forecast to hit 107 million tons, up from the 103 million tons the consultancy had projected before.
StoneX also slightly increased its estimate for Brazil’s 2024-2025 total corn production to 128.6 million tons from 128.3 million tons.
—Reporting by Isabel Teles and Gabriel Araujo
