Brazilian Soybean Production Update – 12/11/2023
USDA cut the 2024 soybean production forecast due to warmer and drier weather in the Northern row crop areas. It would be unusual if USDA would reduce the production estimate again as there is a strong El Nino event underway which historically has brought favorable conditions for Brazill’s farmers. The accompanying charts display Brazilian soybean production data with El Nino years marked with red labels. There has been one recent El Nino year, 2019, in which USDA reduced the Brazilian soybean crop estimate after December..However in 2019 the Brazilian national average soybean yield was close to the calculated trend for that time period. USDA’s current 2024 Brazilian soybean yield projection is very close to the calculated trend.
Brazilian soybeans are planted in the September-October period and harvested during the Austral late summer and autumn, January-March.