Brazil Projects Increased Soybean Crop for 2024-25 Season
Brazil’s soybean crop forecast for the 2024-25 season has increased to 167.37 million tons, up 1.3 million tons from earlier estimates. Over 105 million tons are expected to be exported, a 7% rise from the previous season. The increase is influenced by heightened demand from China, following U.S. trade tensions.
Brazilian soybean farmers are projected to achieve a larger crop in the 2024-25 season than previously anticipated, as indicated by forecasts from the crop agency Conab. Reports suggest that Brazil’s soybean harvest is estimated to reach 167.37 million tons, surpassing Conab’s previous expectation by 1.3 million tons, and exceeding the record of 155.7 million tons set in the 2022-23 season. It is anticipated that over 105 million tons will be allocated for export, representing a 7% increase from last season.
As the leading global producer and exporter of soybeans, Brazil faces competition from the United States and Argentina in international markets. The majority of Brazilian soybean exports are directed toward China, where they are utilized for oil production and livestock feed. Notably, recent trade tensions have led to an expected rise in Chinese demand for Brazilian soybeans, particularly after new import levies were imposed by Beijing on U.S. agricultural products, including soybeans, in retaliation to tariff increases from the Trump administration.
In summary, Brazil’s soybean production for the 2024-25 season is forecasted to be significantly higher, driven by increased demand from China amid escalating trade tensions. The total expected yield of 167.37 million tons highlights Brazil’s ongoing leadership as a major soybean exporter, with a notable portion of this production designated for international markets, particularly due to shifts in trade policies affecting U.S. imports.
Original Source: www.newsdakota.com
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