Cepea, 18/08/2025 – Even with a record forecast for Brazilian soybean exports, carryover stocks for the 2024/25 crop are estimated by Conab at 3,9 million tonnes, more than four times the final volume of the previous season. This scenario limited the upward move in the domestic price last week, Cepea surveys show. Brazilian shipments (October/24 to September/25) remain forecast by the USDA at 102,1 million tonnes, with crushing at 57 million tonnes. Conab, in turn, projects national exports at 106,3 million tonnes and crushing at 57,09 million tonnes for this crop year (January to December/25), both records. Beyond shipments, Brazil continues to lead world soybean production, with nearly 170 million tonnes harvested this season (2024/25), with 169 million tonnes estimated by the USDA and 169,66 million tonnes projected by Conab. Source: Cepea (www.cepea.esalq.usp.br)