The area planted with non-genetically modified soybean in Brazil in the new season (2022/23) is expected to grow by 24%, at a much faster rate than that of the total area to be sown, because of the high European demand, according to a study by the Instituto Soja Livre (ISL). The situation will lead to a sharp rise in premiums paid for Brazil’s conventional soy. Brazil is expected to take up space left by India, a country that only plants conventional soybeans and has limited shipments of agricultural products. ISL also said that the recent move by Bunge in Brazil to operate industrial units at Imcopa, which processes only conventional grains, confirms the high foreign demand for conventional grains. “The soy that India produces is all conventional, but sold to Europe without a premium. Now, with the pandemic, India closed its borders for food exports and generated this extra demand for Brazil”, said Endrigo Dalcin, ISL Director of International Relations.
Sources: Reuters/Noticas Agricolas (*Translated by Ia Niani)