Brazilian farmers are expected to produce 10 MMT less soybeans than initially forecast after a drought slammed Mato Grosso, said Alexandre Mendonça de Barros, partner at MB Agro consultancy. It now forecasts Brazilian soybean production at 155 MMT. According to Barros, the sharp drop in soybean production expectations is due to “the worst start to the harvest I have seen in 30 years in Mato Grosso,” Brazil’s largest production state.
“I think the worst moment is behind us,” Barros said in reference to the El Niño climate phenomenon, which made rains scarcer and more irregular in central and northern growing regions of the country while causing heavy downpours in the south.
Brazilian soybean production forecasts are extremely wide given the erratic first two-plus months of the growing season, ranging from 155 MMT to 165 MMT.
MB Agro expects Brazil to export 96 MMT of soybeans in 2023-24, down 4 MMT from its previous outlook.
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