According to the estimates of the US Department of Agriculture, it is expected that soybean production this year will be around 153 million tonnes.
Thus, the severe floods in Brazil, which occurred between 2023 and 2024, have had a significant impact on the agricultural sector, especially on soybean production. This situation has raised concerns about possible consequences for the global market. According to the latest estimates from the US Department of Agriculture, soybean production will decrease by 1% compared to the previous month and by 6% compared to last year. However, it should be noted that this year the area planted with soybeans in Brazil has increased, leading to a 7% increase in yield compared to the five-year average.
Especially abundant rainfall was observed in April and May in the state of Rio Grande do Sul in Brazil. According to the reports from the US Department of Agriculture, the full consequences of the floods will only be known in the coming months. However, according to USDA data, from January to May 2024, Brazil exported 9 million tons of corn, indicating that the country's agricultural sector, despite the difficulties, continues to operate actively at the international level.