# Safras & Mercado Forecasts Brazil Soy to Increase 4.5% in 2023/24

> Safras & Mercado forecasts Brazil's 2023/24 soybean output to rise 4.5% to 163.2 million tons on a 2.5% acreage increase to a record 45.6 million hectares. It expects corn output to fall 2 million tons to 137.4 million tons on lower corn prices.

- Date: 2023-07-19 · published 2023-07-19T12:00:00.000Z
- Category: report · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/13640-safras-and-mercado-forecasts-brazil-soy-to-increase-4-5-in-2023-24
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A larger Brazilian soybean crop adds to supply for the 2024 export season, bearish for soybeans and soymeal. A smaller corn crop from lower acreage is mildly supportive for corn prices.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CORN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-09-01 | [Conab forecasts increased soybean, corn, and cotton production in Brazil](https://feedsoft.ai/events/13701-conab-forecasts-increased-soybean-corn-and-cotton-production-in-brazil.md) | -2.5% | -6.4% |
| SOY | 2018-01-15 | [Brazil forecasts 110m tons of soybeans and 25m tons of corn in 2017/18 harvest — MercoPress](https://feedsoft.ai/events/66834-brazil-forecasts-110m-tons-of-soybeans-and-25m-tons-of-corn-in-2017-18-harvest.md) | +4.3% | +6.1% |
| SOY | 2021-03-09 | [March 2021 WASDE: USDA unexpectedly raises Brazilian soy forecast](https://feedsoft.ai/events/48069-march-2021-wasde-usda-unexpectedly-raises-brazilian-soy-forecast.md) | -1.3% | -1.3% |
| SOY | 2024-05-16 | [Global soybean supply to increase in marketing year 2024/25 \| Feed & Grain](https://feedsoft.ai/events/30322-global-soybean-supply-to-increase-in-marketing-year-2024-25-feed-and-grain.md) | +2.7% | -2.0% |
| SOY | 2023-05-23 | [USDA forecasts record-large corn, soy production in 2023 \| Food Business News](https://feedsoft.ai/events/13277-usda-forecasts-record-large-corn-soy-production-in-2023-food-business-news.md) | -3.3% | +12.9% |
| SBM | 2022-09-01 | [Conab forecasts increased soybean, corn, and cotton production in Brazil](https://feedsoft.ai/events/13701-conab-forecasts-increased-soybean-corn-and-cotton-production-in-brazil.md) | -4.6% | -6.4% |
| SBM | 2018-01-15 | [Brazil forecasts 110m tons of soybeans and 25m tons of corn in 2017/18 harvest — MercoPress](https://feedsoft.ai/events/66834-brazil-forecasts-110m-tons-of-soybeans-and-25m-tons-of-corn-in-2017-18-harvest.md) | +9.3% | +15.5% |
| SBM | 2026-05-12 | [May WASDE forecasts 25% increase in soybean oil use in biofuel for 2026-‘27 \| Biodiesel Magazine](https://feedsoft.ai/events/15024-may-wasde-forecasts-25-increase-in-soybean-oil-use-in-biofuel-for-2026-27.md) | +1.6% | -9.5% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/safras-mercado-forecasts-brazil-soy-to-increase-4-5-in-2023-24/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.