A survey conducted by Reuters shows that Brazil’s soybean production in 2020/21 is expected to jump to a record 130 million tonnes, with good prices driving farmers to increase planting in pasture areas after a drought reduced the harvest in the south of the country in 2019/20. The survey carried out with eight experts indicates that Brazil, the largest global producer and exporter of soybeans, may increase its harvest by about 8% compared to the 120.9 million tonnes projected by the government in the previous cycle. The growth, of almost 3% in the harvested area, to the unprecedented level of 38 million hectares, is driven by high-profit margins, coupled with the exchange rate boost, which allowed accelerated advance sales by producers, according to analysts. “Almost 50% of the soybean crop has already been sold, at a record pace, this shows the trend of growth in the area,” Bartolomeu Braz Pereira, president of producer association Aprosoja Brasil, told Reuters.
Source: Reuters