In the 2023/2024 cycle, Brazilian farmers are anticipated to harvest 147.685 million metric tons of soybeans, marking a 1.16 million ton increase from April's forecast. This adjustment comes as the national crop agency Conab revises the planted area with the oilseed. While Conab reduced the average yield forecast for Rio Grande do Sul to 3,168 kg per hectare from last month's 3,280 kg per hectare, the May report reveals an expansion in the nationwide planted area for soybeans by nearly 500,000 hectares, totaling 45.73 million hectares (113 million acres). This enlargement could mitigate losses in yield and output in Rio Grande do Sul. Despite these adjustments, Conab notes that yields and production in Brazil's southernmost state are expected to surpass last year's figures when local farmers grappled with drought conditions.

Conab has revised Brazil's average soybean yield estimate to 3,229 kg per hectare, indicating a 7.9% decline from the previous season. This reduction is attributed to the evident impact of excessive rains in the southern region of the country, which stands as the world's largest producer and exporter of soybeans.