Nov 28, 2023

Analysts Vary in Their 2023/24 Brazilian Soybean Estimates

Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.

There is a wide range of estimates among analysts in Brazil as to Brazil's 2023/24 soybean production. The estimates below are the latest released by the various companies, but they are just a picture in time. All the estimates that have been revised in recent weeks have been lowered. The weather has improved somewhat in central Brazil, so it remains to be seen how the estimates may change going forward.

The soybean acreage estimates for the various companies/governments are quite similar. The percentage of increase for each company/government varies because they each start with a different acreage for the 2022/23 growing season.

2023/24 Brazil Soybean Acreage

CompanySoybean Acreage Million Hectares
Conab 45.29 +2.8%
DATAGROW45.36 +1.5%
USDA45.60 +3.4%
Safras & Mercado45.62 +2.1%

2023/24 Brazil Soybean Estimates

CompanySoybean Estimate Million Metric Tons
StoneX 165.0
USDA 163.0
Conab 162.4
AgResource Brasil 162.4
Safras & Mercado 161.3
Patria AgroNegocios 156.0
Agrinvest 155.4