USDA Cuts Brazil Soybean Outlook

Soybean production in Brazil, the world’s largest exporter, was revised downward by the USDA’s attaché office in Brazil after flooding in the state of Rio Grande do Sul.

Successful Farming says about 180 people were killed, and roughly 2.4 million were affected by the flooding in southern Brazil. Fields were underwater for weeks after the floods that started in April. Production in the 2023-2024 marketing year is now forecast at 150 million metric tons, a drop of two percent from the previous report. Flooding in the states of Mato Grosso, Mato Grosso do Sul, Parana, and Sao Paulo also contributed to the reduction.

The total planted area for soybeans in Brazil in the current marketing year is projected at 113.2 million acres (45.8 million hectares), one percent higher than the previous outlook. CONAB, Brazil’s National Supply Company, forecast a planted area of 46 million hectares last month, and Agroconsult expected 46.4 million hectares.