gameslikecrashlands| CONAB data: Brazil's soybean harvest is 97% and output is expected to be 147.685 million tons, down 4.5%

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Brazil's National Commodity Supply Company reported thatgameslikecrashlandsThe current soybean harvest progress in Brazil is 97%, which is slightly behind the 98% rate of the same period last year due to floods and logistics problems.gameslikecrashlands.5%。Despite this, the production forecast has been improved to 147.685 million tons, up 0.8% from the previous month, but still down 4.5% from last year's historical high.

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[Brazil's soybean harvest progress is slightly slow, floods in some areas have a significant impact on production] According to the latest data from the Brazilian National Commodity Supply Corporation (CONAB) on May 21, as of May 19, Brazil's 2023/24 soybean harvest has been completed. 97%, although it is 1.4 percentage points higher than the 95.6% a week ago, progress is still lagging behind compared with the 98.5% in the same period last year. This is the tenth consecutive week that is lower than the same period last year. In Rio Grande do Sul, due to severe floods, the soybean harvest rate was only 85%. Rainfall continues to interfere with the harvest and has a negative impact on yield and quality. Farmers are taking advantage of the sunny days to speed up harvests. The logistics situation is also worrying, with delays in the receipt of grain due to poor road conditions. Despite these challenges, Brazil's National Commodity Supply Company raised its forecast for Brazilian soybean production in 2023/24 to 147.685 million tons on May 14, an increase of 1.16 million tons, or 0.8%, from last month's forecast. However, it was still down by 6.92 million tons, or 4.5% from the previous year's record production of 154.6 million tons.