We experimentally study the evolution of the magnetic moment m and exchange interaction J as a function of hydrostatic pressure in the zero-field helimagnetic phase of the strongly correlated electron system MnSi. The suppression of magnetic order at ≈1.5 GPa is shown to arise from the J collapse and not from a quantum fluctuations induced reduction of m. Our work provides benchmarks for first principles theories that are challenged by the presence of strong correlations and the possible role of Hund's coupling. In addition, our experimental data are consistent with a reorientation of the magnetic propagation wave vector recently evidenced above ≈1.2 GPa. This result calls for a thorough investigation of the crystal structure in this pressure range.