Brazil is set to harvest a record soybean crop of 167.37 million tons for the 2024-25 season, up 1.3 million tons from previous forecasts. Export estimates exceed 105 million tons, a 7% increase, driven by rising demand from China amidst escalating trade tensions.
Brazil’s soybean harvest for the 2024-25 season is projected to exceed earlier estimates, according to the crop agency Conab. Anticipated demand from China, primarily due to rising trade tensions, is a key factor for this increase. The current crop is expected to reach 167.37 million tons, surpassing previous projections by 1.3 million tons and exceeding the record of 155.7 million tons set in the 2022-23 season.
Conab’s data indicate that over 105 million tons of this soybean production will be earmarked for export, reflecting a 7% rise compared to the previous season. As the world’s leading producer and exporter of soybeans, Brazil faces competition from the United States and Argentina. A significant portion of Brazil’s soybean output is exported to China, where it is processed for oil and livestock feed.
The forecasts from Conab underscore Brazil’s potential to deliver record soybean yields in the coming season, driven largely by increased demand from China amid ongoing trade tensions. With an expected export volume of over 105 million tons, Brazil continues to strengthen its position as the largest global supplier of soybeans, crucial for domestic processing in China.
Original Source: www.newsdakota.com
