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In its June 2024 report, the U.S. Department of Agriculture estimated Brazil’s 2023/24 soybean production at 153.0 million metric tons, 1% below its May estimate. USDA cited historic flooding in Rio Grande do Sul. The figure is a dated estimate for that marketing year—not a current forecast.
What USDA changed in June 2024
USDA’s Foreign Agricultural Service put Brazil’s 2023/24 soybean production at 153.0 million metric tons (mmt). That was 1% lower than the estimate in the previous month, 6% below the 2022/23 crop, and 7% above the five-year average. These comparisons describe the June 2024 estimate, not later revisions or a current crop outlook.
The agency’s report section was titled “Brazil Soybeans: Historic Flooding in Rio Grande do Sul Lowers MY 2023/24 Production.” It attributed the lower estimate to historic flooding in the southern Brazilian state of Rio Grande do Sul. USDA, World Agricultural Production, June 2024.
Area and yield behind the production estimate
USDA estimated harvested area at 45.8 million hectares, slightly below the prior month’s estimate. Despite that monthly decrease, the area estimate was 3% above the previous year and 10% above the five-year average.
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Estimated yield was 3.34 metric tons per hectare: 8% below the previous year and 2% below the five-year average. Production is the total crop; area and yield are separate measures that help explain the estimate and should not be read as interchangeable figures. The figures and comparisons are from USDA’s June 2024 report.
How to read this figure today
The 153.0-mmt number answers what USDA estimated in June 2024 for Brazil’s 2023/24 marketing year. It should not be presented as USDA’s latest Brazil production forecast. USDA’s Economic Research Service describes its Soybeans and Oil Crops outlook as a monthly publication with U.S. and global supply-and-use projections based on the most current World Agricultural Supply and Demand Estimates (WASDE). A current-year figure therefore needs to be checked in a current USDA release.
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The original Agriculture.com headline, “USDA Projects Slightly Lower Brazilian Soybean Production,” refers to this June 2024 estimate and its downward monthly revision.
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- RICH IN PROTEIN & OIL WITH VERSATILE USES: Containing about 18% oil and 38% protein, this soybean variety is perfect for producing high-quality soy bean oil and protein-rich meal. These soybeans can be processed into a wide range of products, including soy milk powder, soy flour, soy protein, tofu, and various industrial non-food products, showcasing its versatility. Ideal for making various soy-based meals such as edamame snacks.
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- HIGH-PROTEIN ANIMAL FEED: The high-protein fiber left after oil extraction is ideal for animal feed, particularly for poultry and swine industries, which consume over half of the processed soybean meal. This meal is also crucial for cattle, other farm animals, and pets, ensuring they receive the necessary nutrients for growth and development. A great addition to feed mixes for cowpeas and other legumes.
- ECONOMIC AND NUTRITIONAL: As the most economically important bean globally, soybeans provide essential vegetable protein for millions and are key ingredients in hundreds of chemical products. A 60-pound bushel of our soybeans seed yields about 11 pounds of crude soybean oil and 47 pounds of soybean meal. Beneficial for producing shelf-stable goods for long-term use.
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- Naturally Soil Friendly: These non GMO soybean plant seeds help enrich soil by fixing nitrogen after harvest. Leave the roots in place to benefit future crops and improve your home garden naturally.
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