Key facts
- Brazil's 2023-2024 soybean crop is projected to be a record 5,953 million bushels.
- Soybean acreage is expected to grow 2.5% to 112 million acres.
- Farmers are planting more soybeans and less corn due to price dynamics and El Niño.
- Soybean exports are forecast to reach a record 102 million tons.
- Planting for the 2023-24 crop was 19% complete by October 14.
Brazil is poised to achieve a record soybean harvest for the third consecutive year, with projections indicating a crop of 5,953 million bushels for the 2023-2024 season, a 4.8% increase over the previous harvest. This expansion is primarily driven by an anticipated 2.5% growth in planted acreage, reaching 112 million acres. Farmers are shifting from corn to soybeans due to unattractive corn prices and the adverse effects of the El Niño weather pattern on corn yields. Additionally, a decrease in fertilizer prices is expected to lower soybean production costs.
As of October 14, approximately 19% of Brazil's expected soybean crop had been planted, a pace slightly behind the previous year. In Mato Grosso, the leading grain-producing state, planting was at 35% by October 13. Brazilian soybean exports for 2023-2024 are forecast to set a new record at 102 million tons, a 5% increase from the prior season, supported by available supplies, a favorable exchange rate, and sustained global demand.