Brazilian farmers will increase soybean planting by 1.5% across the country next season (22/23), according to consultancy Agrinvest Commodities. Brazil planted 40.8 million hectares with soybeans in the 2021/2022 cycle, an increase of 4.1%, according to government data. As the prices of fertilizers rose, some analysts feared a potential reduction in soybean acreage. The 2022/2023 soybean harvest begins in September, when farmers in the state of Mato Grosso begin to sow the planting areas. Agrinvest’s estimate corroborates the recent projection of another analyst, who indicated a slower expansion because of the growth in fertilizer prices. Agricultural nutrient prices rose because of sanctions on the major supplier Belarus, as well as restrictions on Chinese fertilizer exports and sanctions on Russia, Brazil’s major supplier. The Mato Grosso Institute of Agricultural Economics (Imea) estimated a growth of 2.8%, to 11.2 million hectares.
Source: Reuters (*Translated by Ia Niani)