USDA – World Agricultural Production, Mar 2024

In the March 2024 USDA report, soybean production in Brazil for MY 2023/24 is estimated at 155.0 million metric tons, a 1 percent decrease from the previous month and 4 percent lower than last season's record crop. The harvested area is at a record 45.9 million hectares, with a yield of 3.38 tons per hectare below the 10-year trend. Harvest progress is approximately halfway complete in early March, with varying completion rates in different states. Reports indicate below-average yields in some states compared to the previous season, with Rio Grande do Sul showing more optimistic prospects. Satellite imagery shows below-average yields in some states, but above-average in Rio Grande do Sul. State agency reports show reductions in yield estimates in Mato Grosso and Paraná. Recent rains have aided the recovery of the crop in Rio Grande do Sul, which is currently in critical reproductive stages. Harvest began in January and will continue through late May in the main producing areas.