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The Brazilian state of Mato Grosso is set to have its largest soyabean crop loss to date, reducing the country’s overall 2023/24 output to 153M tonnes, according to estimates by consulting firm Itaú BBA reported by AgriCensus.

The Brazilian state of Mato Grosso is set to have its largest soyabean crop loss to date, reducing the country’s overall 2023/24 output to 153M tonnes, according to estimates by consulting firm Itaú BBA reported by AgriCensus.

“We cut Mato Grosso’s yields, leading to a 20% crop loss compared with initial estimates as we expect the state to harvest less than 40M tonnes of soyabeans,” the Itaú BBA was quoted as saying in the 20 December report.

“If our estimates prove to be correct, this will be the largest soyabean crop loss in Mato Grosso’s history.”

The Brazilian Association of Vegetable Oil Industries (Abiove) had also reduced its 2023/24 estimates for the country’s soyabean output to 160.3M tonnes from its earlier forecast of 161.9M tonnes, AgriCensus wrote on 22 December.

With Itaú BBA latest forecasts of Brazilian soyabean production at 153M tonnes, combined with a 3% increase in domestic consumption, the consultancy estimated the country’s 2023/24 soyabean exports between 95M-96M tonnes.

Abiove estimated Brazil’s 2023/24 soyabean exports at 99.3M tonnes, below the 100.2M tonnes previously estimated.

Meanwhile, the consulting firm estimated Argentina’s 2023/24 soyabean production at 50M tonnes, leading to a global balance sheet “slightly tighter than initially expected, although close to 2022/23 levels”.

However, with global grains and oilseeds demand expected to increase around 5% compared to the previous year, it said this would have an impact on soyabean prices during the season.