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Brazil is set to plant soy many acres this year—enough to set a record. Tell us mais: As Brazilian farmers get set to plant this month, the National Supply Company (CONAB) expects production of more than 300M tons of soybeans, corn, cotton, rice, and wheat. That’s a 14% jump compared to last season and the largest predicted harvest in Brazil’s history. Row, row, row your beans: A major factor in the uptick has been Brazil’s conversion of pastureland to soybean rows, bumping up the total acreage available for planting. So much so that they’re growing the number of acres of beans by 3.5%, which will increase the country’s planted area to more than 100M acres. That’s the first time soybean acreage has ever reached that milestone. Bushels o’ beans: Yields are expected to be up for Brazilian soybean farmers this crop season, too, to the tune of 17%. Even with higher production costs, farmers in Brazil will benefit from high commodity prices, robust global demand, and a favorable exchange rate in the 2022-2023 crop year. They’re saying exports are forecasted to increase 22% from this season’s shipments. Lots o’ beans at sea. There’s a potential ‘but’: Some experts predict that even with increased planted soybean acres, weather and low soil fertility of those previous pastureland acres will challenge yields. Time, and what precipitation the country gets, will tell. |
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