The figure represents a slight downward adjustment from an October estimate of 114.7 million tonnes, although it would still be an all-time record for Brazil.
The estimate was revised after small adjustments in soy's estimated planted area this season, but it does not change the overall trend as farmers increasingly switched from corn to soy in this crop cycle, said Luiz Fernando Roque, Safras analyst.
Safras forecasts a 5 percent rise in Brazil's soy planted area to 35.49 million hectares (87.7 million acres) this crop, according to the statement.
According to the government's food supply and statistics agency Conab, local farmers harvested 114.1 million tonnes of soybeans in the 2016/17 cycle, its biggest crop yet, thanks to near-perfect weather conditions.
In the current season, the government forecast 109.2 million tonnes of soybeans will be harvested, but that estimate could still be revised depending on climate and other factors.