On Thursday, the Brazilian National Commodity Supply Company (CONAB) released its monthly report, once again raising its forecast for Brazilian soybean production for 2024/25 due to an increase in yield. CONAB stated that Brazil's soybean production in 2024/25 will reach 169.6058 billion tons, which is 1.26 million tons higher than the expected value of 168.3418 billion tons last month, an increase of 14.8% from the previous year's 147.7213 million tons, and an expected increase of 14% last month. Last month, CONAB raised its soybean production forecast for Brazil by 470,000 tons.

The report states that the estimated soybean yield is 3,562 kilograms per hectare, with a forecast of 3536 kilograms per hectare last month, an increase of 11.3% compared to the previous year, and a forecast of a year-on-year increase of 10.5% last month.

The soybean planting area reached 47.62 million hectares, higher than last month's forecast of 47.61 million hectares, a year-on-year increase of 3.2%. Last month's forecast was for a year-on-year increase of 3.2%, still the lowest year-on-year increase in six years.

CONAB expects Brazil's total grain and oilseed production to reach a record high of 336,053 million tons in 2024/25, 0.9% higher than last month's forecast of 3,329.16 million tons, a 13% increase from last year's production, and a 11.9% increase from last month's forecast.

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