A revision of Brazilian soybean production in 2023 affected estimates for the country’s beginning stocks this year, according to new data released by oilseeds lobby Abiove on Tuesday.

With the upward revision pegging Brazil’s 2023 soy output at 160.3 million metric tons, a record, beginning stocks have been estimated at 5.9 million tons, 1.2 million metric tons more than calculated previously.

The group, which represents global soybean processors, also changed the country’s ending stocks to 5.2 million tons for 2024, versus around 4 million in the previous forecast. The new data comes as ample supplies of soybeans keep a lid on prices.

This year, soy fields in Argentina and Brazil’s Rio Grande do Sul state recovered from weather-related losses in previous seasons, offsetting a fall in production in the country’s center west caused by a strong El Nino, which brought heat and dryness and spoiled crops.

Abiove did not change its forecast for 2024 soybean production in Brazil, the world’s largest producer and exporter, which it says will be 153.8 million tons.