According to Patria Agro Negocios, as of late last week, approximately 85% of soybeans in Brazil had been harvested, a slight decrease from 86% compared to the same period last year and slightly below the 87.8% average. This week saw a 5.8% advancement in harvesting. The remaining areas yet to be harvested are in Rio Grande do Sul and northeastern Brazil.

In the April Crop Reports, Conab revised down the estimated soybean production for 2023/24 in Brazil by 0.3 million tons to 146.5 million. However, the USDA maintained its estimate for Brazil's soybean production at 155.0 million tons. The variance arises from the difference in soybean acreage utilized by each organization, with Conab employing 45.23 million hectares, while the USDA's figure stands at 45.9 million hectares, indicating a disparity of 670,000 hectares or 1.65 million acres. Conab projects the nationwide soybean yield to be 48.2 bushels per acre, whereas the USDA forecasts a yield of 50.3 bushels per acre.