iGrain India - Brazil is poised to achieve a record-breaking soybean production in the 2024-25 season, with most analysts predicting it could reach 1700 lakh tonnes, surpassing the previous year's 1550 lakh tonnes. The official estimate by Brazil's federal agency, CONAB, is 1665 lakh tonnes, while the US Department of Agriculture (USDA) projects 1690 lakh tonnes.
Soybean sowing in Brazil began on September 10, 2024, but initially faced delays due to unfavorable weather. However, by late September, conditions improved, accelerating the sowing pace.
Despite concerns that the late start might impact soybean yield or delay Safrinha corn cultivation, analysts are optimistic about soybean yields. They expect a rise in productivity, partly due to the expanded sowing area.
If production reaches the anticipated 1700 lakh tonnes, coupled with favorable international market conditions,
Brazil’s soybean exports could exceed 10 crore tonnes (1050 lakh tonnes) for the first time in the 2024-25 marketing season. Additionally, there should be sufficient stock for the domestic crushing and processing sector.