Brazilian soybean production for the 2024-25 season is forecasted at 167.37 million tons, an increase from previous estimates, primarily driven by rising demand from China due to recent trade tensions. More than 105 million tons are expected to be exported, marking a 7% growth from the previous season.
Recent forecasts from Brazil’s crop agency Conab indicate a significant increase in soybean production for the 2024-25 season. The anticipated crop is projected to reach 167.37 million tons, exceeding previous estimates by approximately 1.3 million tons, and surpassing the all-time high of 155.7 million tons recorded in the 2022-23 season.
Data from Conab reveals that over 105 million tons of this year’s production is earmarked for export, representing 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 in the global market while primarily catering to Chinese demand.
The forecasted increase in soybean exports is partially attributed to heightened Chinese demand, following Beijing’s recent implementation of import tariffs on U.S. agricultural products, including soybeans. This decision stems from retaliatory measures related to tariff hikes imposed by the Trump administration on Chinese goods, further solidifying Brazil’s position in the soybean market.
In summary, Brazil’s soybean crop forecast for the 2024-25 season has been raised significantly, with expectations of 167.37 million tons, demonstrating an increase in exports driven by growing demand from China amid trade tensions. This positions Brazil favorably against its competitors, the United States and Argentina, in the global soybean market.
Original Source: www.newsdakota.com
