Brazil to Break Soybean Acreage Record for Ninth Year in a Row
Brazil’s farmers are expected to break the country’s soybean planting record for the ninth year in a row.
Planting for the 2018/2019 season is forecast to increase by 2 percent to 35.8 million hectares, according to the Global Agricultural Information Network (GAIN) report issued April 24. From this acreage, soybean output is expected to top 115 million tons - the second largest crop for the country on record.
The expansion of acreage is being attributed to two drivers: higher demand from China, and higher consumption in Brazil’s domestic market. The country’s domestic crush is forecast to be 44 million tons for 2018/2019; a reflection of Brazil’s ongoing economic recovery. Meanwhile, Brazil’s soybean exports are expected to be 67 million tons.
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