In Brazil, the soybean harvest is continuing and is expected to reach a record level despite a decrease in forecasts. Oil World analysts have revised down their forecast for Brazilian oilseed production this season by 1 million tons compared to the previous month, to 169 million tons (compared to last year's figures of 155 million tons).
The record production is expected due to the revival of yields and the expansion of oilseed cultivation areas to 48.1 million hectares.
The decrease in the forecast is due to the drought in the state of Rio Grande do Sul, which has negatively affected soybean crops. As a result, the local agricultural agency Emater has reduced its soybean production forecast in this state to 15.1 million tons, which is 30% lower than initial expectations and below last year's level of 18.2 million tons. However, in the states of Mato Grosso and Mato Grosso do Sul, oilseed crop yields turned out to be slightly higher than expected, which may partially offset the losses.