The area planted with soybeans in Brazil will grow in 2024/25 at its slowest pace in almost two decades, agribusiness consultancy AgRural said on Wednesday, forecasting a modest 0.9% expansion when compared with the previous season.

Farmers in the South American country, the world’s largest soybean producer and exporter, are set to start sowing their 2024/25 crop this month, although bad weather is seen delaying some work in the fields.

AgRural expects Brazil’s soybean area to reach 46.4 million hectares (114.7 million acres) in 2024/25, which – based on figures provided by national crop agency Conab – would mark the worst year-on-year performance since 2006/07, when there was a drop from 2005/06.

“Prices are not encouraging a greater area increase,” AgRural analyst Daniele Siqueira told Reuters, as benchmark soybean futures in Chicago hover around four-year lows on expectations of a bumper U.S. crop.

Siqueira noted the figures are still preliminary as dry weather in the main producing areas should hold off an early start to planting in September. AgRural will review its estimate in the second half of the month.

The consultancy believes that Brazil’s soybean production could reach 168 million metric tons in 2024/25, up 14% on a yearly basis, as adverse weather last season affected output in major grain-producing states such as Mato Grosso and Parana.

A second consultancy, Patria AgroNegocios, also forecast on Wednesday Brazil’s soybean area will reach 46.45 million hectares in the new season, but it sees a slightly higher percentage increase as its estimate for 2023/24 sat at 45.69 million hectares.

The 1.66% growth projected by Patria would be driven by Brazil’s north and northeast regions, while in southern and southeastern states – where most of the local grain output is concentrated – the expansion would be limited.

Patria sees Brazil’s soybean output potentially reaching 166.72 million tons in 2024/25, up 15.5% from the previous season.