Safras reduces forecast for Brazilian soybean exports in 2024; harvest is almost 30% complete.
As for soybean crushing, estimates point to 54,3 million tons in 2024.
(Reuters)- Brazilian soybean exports in 2024 are expected to reach 94 million tons, Safras & Mercado said on Monday, lowering its forecast from the 95 million tons estimated in January.
If confirmed, the number would fall below the 101,86 million tons exported in 2023, a figure also revised from the 95 million tons indicated in January, the consultancy pointed out.
As for soybean crushing, estimates are 54,3 million tons in 2024 and 53,5 million tons in 2023, representing a 1% increase between seasons. There was no change in the forecast compared to January.
In a separate statement, Safras said that the Brazilian soybean harvest for the 2023/24 season reached 29,4% of the area by February 16, compared to 21,6% recorded the previous week.
"The works are more advanced compared to the same period last year, at 20,9% - and also exceed the average of the last five years, which was 24,4%."