Brazil is projected to harvest a record 167.7 million tons of soybeans in the 2024/25 season, according to the oilseed lobby Abiove. This anticipated increase will also drive exports and domestic processing to unprecedented levels, marking a significant boost for the country’s agricultural sector.
Currently, Brazilian farmers are in the process of planting their soybean fields, and Abiove estimates that output will rise by 9.4% compared to the previous season, which faced less favorable climatic conditions.
Abiove’s forecast surpasses the 166.14 million tons projected by Brazil’s crop agency Conab, which estimates lower yields. Abiove predicts soybean yields at 3,615 kilograms per hectare, while Conab estimates 3,508 kg per hectare, contributing to the discrepancy between the two forecasts.
Conab anticipates that soybean cultivation will cover 47.4 million hectares (approximately 117.13 million acres) this season, slightly more than Abiove’s estimate of 46.4 million hectares. Abiove has noted that its yield forecast is “conservative” and may be subject to revision.
In addition to record production, Brazil could export 104.1 million tons of soybeans this season, marking a 5.9% increase compared to 2024 and up from 98.3 million tons in the previous cycle. China is expected to remain the primary buyer of Brazilian soybeans.
Crushers, including major players like Cargill and Bunge, are forecasted to process a record 57 million tons of soybeans this season, representing a 4.6% increase from the previous year and establishing a new historic high. This surge in soybean processing will enhance the production of soybean meal, crucial for animal feed, and soybean oil, which is used in the biodiesel and food industries.
Brazil’s previous production record stood at 160.3 million tons during the 2022/23 cycle, according to Abiove data.