Soybean producers in South America, Brazil and Argentina, are expected to maintain their share of the global market this agricultural year, according to data from the United States Department of Agriculture (USDA) reported by the Union for the Promotion of Oilseed and Protein Plants (UFOP) from Germany.
While Brazil's harvest will likely fall slightly short of last year's bumper crop, Argentina is expected to double its production of soy, according to the February 16 report.
Brazil, USA and Argentina lead global soybean production, representing 80% of global soybean production, while China holds a share of 5%.
Brazil leads global soy production, surpassing the USA and Argentina
It is estimated that Brazil will harvest around 156 million tons of soybeans in the current crop year, according to USDA estimates. This compares to the previous year's record volume of 162 million tons. Furthermore, the forecast indicates that Brazil will lead ahead of the USA, with expansion of soybean area by 1.3 million hectares, totaling 45.9 million.
In the USA, the soybean harvest, which ended in 2023, totaled 113.3 million tons, a drop of 2.9 million compared to 2022. In Argentina, the third largest global producer, a larger harvest was expected after the drought and heat reduced production in the previous year.
At 50 million tons, Argentine production will likely be double the previous year's volume, according to research by Agrarmarkt Informations-Gesellschaft.
In addition to significantly higher yields, an expansion in soybean acreage was also having an impact, according to the report.
Chinese production is expected to increase by about 556,000 tons to 20.8 million tons, according to the latest USDA estimate.
Source: Oils & Fats International
