Brazil’s Soybean Harvest Forecast Surpasses Expectations for 2024-25 Season
Brazilian soybean farmers are projected to harvest 167.37 million tons in the 2024-25 season, surpassing earlier forecasts and previous records. Export expectations are also up, driven by increased demand from China following U.S. import levies on agricultural products.
Brazilian soybean farmers are set to enjoy an even larger harvest in the 2024-25 season than previously anticipated. This optimistic projection comes from Conab, the national crop agency, which notes that escalating trade tensions are likely to boost demand from China.
Currently, Brazil’s soybean crop, being harvested, is forecasted to reach 167.37 million tons. This figure represents an increase of approximately 1.3 million tons over Conab’s earlier forecast from February and exceeds the previous record of 155.7 million tons set in the 2022-23 season.
Of the anticipated 167.37 million tons, Conab data indicates that more than 105 million tons will be earmarked for export, reflecting a 7% rise from the last season. As the world’s foremost producer and exporter of soybeans, Brazil competes with the United States and Argentina in the global market, with a significant portion of its exports destined for China.
The recent imposition of import levies by Beijing on U.S. agricultural and food products, including soybeans, is expected to further enhance Chinese demand for Brazilian exports. This shift follows tariff increases instituted by the former Trump administration on Chinese goods, creating a favorable scenario for Brazil’s soybean market.
In conclusion, Brazil’s soybean industry is poised for significant growth in the upcoming year, with forecasts indicating a record crop size primarily aimed at meeting rising Chinese demand. The combination of increased exports and favorable trade dynamics positions Brazil advantageously in the global soybean market. As trade tensions persist, Brazil may continue to solidify its status as the leading supplier of soybeans to China.
Original Source: drgnews.com
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