USDA commissioner cuts Brazil's 2023/24 annual soybean crop production forecast to 150 million tons

Gold Ten Futures, July 2, according to foreign media news, the United States Department of Agriculture (USDA) Overseas Agricultural Service Commissioner in Brazil said that the annual soybean production in Brazil's 2023/24 market is expected to be 150 million tons, due to the recent floods in the southernmost state of Rio Grande do Sul and the reduction of production in several states. Due to the decrease in soybean production and the overall crushing profit is strong, soybean exports are expected to fall to 94 million tons, and the crushing volume will increase to 55.10 million tons. Based on new geoprocessing data and satellite images, different estimators in Brazil have revised up the estimate of soybean planting area in Brazil for the 2023/24 year. The USDA commissioner also revised up the current market annual planting area estimate to 45.80 million hectares. The USDA commissioner revised up the next year's planting area and yield estimates to 46.30 million hectares and 160 million tons, respectively, while the national yield is 3456 kilograms per hectare.