Brazil to produce 141 million mt soybeans in 2021-22 on record acreage: USDA FAS

 

·         Soybean acreage projected at record 40 million ha

·         Mato Grosso leads the acreage expansion

·         Brazilian soy prices likely to remain competitive on weak real

 

Asim Anand, S&P Global Platts

07 Apr 2021

 

New Delhi — Brazil is forecast to produce an all-time high soybean volume of 141 million mt in 2021-22 marketing year (February 2022–January 2023) on record acreage of 40 million hectares, according to the US Department of Agriculture's Foreign Agricultural Service, which is likely to pressure US-origin soybean demand next season.

 

Soybean expansion is forecast on current market conditions and trends -- including strong demand, high prices and a favorable exchange rate, FAS said. All these conditions are expected to persist into the 2021-22 season, it said in the report released April 6.

 

Brazil is the leading producer and exporter of soybeans, accounting for more than one-third of the world's soybean production.

 

A key factor that will drive the expansion of planted area next season and beyond is the availability of arable land, FAS said. Brazil's National Supply Company CONAB estimates that over the last five seasons, Brazil's cumulative soybean planted area rose almost 13%, or by 4.55 million hectares...

 

Robust Demand ...

 

Favorable Exchange Rate ...

 

Domestic Crush ...

 

Exports ...

 

more

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