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Brazil is forecast to get a larger soybean harvest this year, while a slight drop is expected in Argentina's harvest, according to a report from the Union for the Promotion of German Oil and Protein Plants (UFOP) in early February .
However, both countries are expected to maintain their shares in the global soybean market this harvest, according to the report.
Brazil was expected to harvest a record soybean harvest of 133 million tons in 2020/21, according to data from the United States Department of Agriculture (USDA). This would represent an increase of 7 million tons compared to the previous year.
Planting delays in late 2020 due to drought also appear to affect the harvest, although the USDA anticipated they would likely not lead to reductions in production.
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Brazil was consolidating its leadership position ahead of the US based on an expansion of 1.7 million ha in planted area, according to the report.
The US soybean harvest of 113 million tons – an increase of 16 million tons from the previous year – was completed in early November 2020.
In Argentina, at 48 million tons, the harvest was expected to be smaller for the second year in a row due to poor weather conditions. Consequently, productivity was expected to be lower, although the planted area remained the same, according to research by Agrarmarkt Informations-Gesellschaft (AMI).
Based on AMI research, UFOP said the increase in soybean production in Brazil was due to an expansion in the area. However, due to a lack of statistical data, the association was unable to quantify or locate the expansions.
Brazil, the US and Argentina are the largest global soybean producing countries, producing more than 80% of the world's soybeans, according to UFOP.
This text has been automatically translated from English.
Source: OFI Magazine
