31.
07.20
09:08

Soybeans: New Harvest Record in Brazil?

In Brazil, market analysts expect a new record in the soybean harvest. According to a survey of eight analysts, the 2020/21 harvest will reach more than 130 million tons.
Attractive prices and the best vegetation conditions lead to high yields.
Brazil is already the world's largest producer and exporter of soybeans. Compared to the large harvest in the previous year, the next one could now be 8% larger. That would be 10 million tons more than in the previous year.
Sowing for the next harvest starts in Brazil in mid-September. Farmers have planned a 3% larger acreage, so that 38 million hectares are now being planted with the oilseed. The demand from China is very strong.
The increase in acreage is at the expense of grassland. Attractive futures market quotes and the devaluation of the real national currency made the cultivation lucrative. The farmers have already sold 50% of the expected harvest.

Source
Hansa Terminhandel GmbH
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