Brazil anticipates a record soybean harvest of 167.37 million tons in the 2024-25 season, exceeding previous forecasts. The increase is driven by heightened demand from China due to trade tensions affecting U.S. imports. Brazil plans to export over 105 million tons, maintaining its status as the top global soybean producer and exporter.
Brazilian soybean farmers are set to achieve a larger harvest in the 2024-25 season than previously anticipated, according to the crop agency Conab. The forecast predicts the soybean crop will reach 167.37 million tons, outperforming Conab’s earlier prediction by about 1.3 million tons and surpassing the all-time record of 155.7 million tons from the 2022-23 season.
Of this production, Conab data indicates that over 105 million tons will be designated for export, representing a 7% increase from the prior season. Brazil holds the distinction of being the largest global producer and exporter of soybeans, competing primarily against the United States and Argentina. A significant portion of Brazil’s soybean exports goes to China, where the oilseed is processed for oil and feed.
Demand from China is expected to rise following new import tariffs imposed by Beijing on U.S. agricultural products, including soybeans. These tariffs were enacted in response to the Trump administration’s tariff increases on Chinese goods, suggesting that the landscape of agricultural trade will shift as Brazil capitalizes on these opportunities with its abundant soybean production.
In summary, Brazil’s soybean crop forecast for the 2024-25 season signals an expected yield of 167.37 million tons, marking a notable increase driven partly by escalating demand from China. With a substantial export figure projected and competitive market conditions against the U.S. and Argentina, Brazil is well-positioned to leverage these changes in international trade dynamics.
Original Source: www.newsdakota.com
