- Posted by Guilherme Bezzarro
Brazil is forecast to bring in a larger soybean crop this year while a slight drop is expected in Argentina’s harvest, according to a report by Germany’s Union for the Promotion of Oil and Protein Plants (UFOP) at the start of February.
However, both countries were expected to maintain their shares in the global soybean market this crop year, according to the report.
Brazil was set to harvest a record soybean crop of 133M tonnes in 2020/21, according to United States Department of Agriculture (USDA) data. This would be an increase of 7M tonnes on the previous year.
Planting delays at the end of 2020 due to droughts had also appeared to affect harvesting, although the USDA anticipated they were unlikely to lead to reductions in yields.
Brazil was consolidating its top position ahead of the USA based on a 1.7M ha expansion in planted area, according to the report.
The USA soybean harvest of 113M tonnes – an increase of 16M tonnes on the previous year – was complete at the beginning of November 2020.
In Argentina, at 48M tonnes, the harvest was expected to be lower in the second consecutive year due to poor weather conditions. Yields were consequently expected to be lower although the planted area remained the same, according to research by Agrarmarkt Informations-Gesellschaft (AMI).
Based on AMI’s research, UFOP said Brazil’s increase in soybean output was due to an expansion in area. However, due to a lack of statistical data, the association was unable to quantify or locate the expansions.
Brazil, the USA and Argentina are the largest global soybean-producing countries producing more than 80% of the world's soybeans, according to UFOP.
Source: OFI Magazine