Brazil’s equivalent of the USDA has lowered its soybean production projection for the fourth month in a row.
CONAB now sees Brazil’s soybean crop at 146.859 million tons, well below the USDA’s most recent guess of 155 million, 1.7% under February and 5% lower than 2023, with harvest past the halfway point. That’s closer to a number of recent private estimates, some of which are below 145 million tons.
Planting delays were an early issue and weather was mixed during key development phases, but this is still one of the largest soybean crops on record and Brazil will maintain their spot as the world’s leading exporter.
