Brazil grows soybeans on record

Brazil will grow soybean cultivation on record in the next season. Farmers are buoyed by strong demand from China and record yields and the resulting high prices, the consulting firm Céleres said yesterday afternoon in its first estimate for the next growing season, which begins on November 1st.
Accordingly, Brazilian farmers will harvest 119.6 million tonnes of soybeans in 2018/19; 1% more than in the current season. The acreage will be expanded by 3.1% to 36.2 million hectares.
The risks also include the large acreage of corn, the volatile exchange rate of the Real and higher costs for transport and operating resources.
The acreage in the last season 2017/18 was 35.1 million hectares.
For the almost completed marketing period, the Brazilian government estimates the soybean harvest at 118.98 million tonnes. The final crop will be released next month.
High Chinese demand coupled with the weak exchange rate of the local currency as well as exceptionally high premiums at the port locations suggest that supply remains tight and world market prices high.
Brazil's so-called first corn crop, which is set in the southern hemisphere in our summer and is in competition with the soybean sown area, is 5.8 million hectares 5.8% larger than last year. In southern Brazil in particular, demand for Meis is particularly high. The first corn harvest is estimated at 30.29 million tonnes (+ 9%). The second corn crop, for which the seed is laid in winter, is even grown on a 31% larger acreage. The estimates are 73.82 million tons. For example, Brazil could harvest more than 1 million tonnes of maize for the first time.

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