[2020-08-07] Brazil forecast to produce record soybean crop

Source: Macauhub

Agribusiness consultancy StoneX expects soy production in Brazil to grow by 8 per cent to a record 132.6 million tonnes next season as farmers expand acreage to meet strong Chinese demand, Reuters reports.

The news agency quotes StoneX as predicting in a forecast released on Tuesday that Brazilian soybean plantings would expand to a record 38 million hectares in the 2020/21 cycle, which starts around September.

The report quotes the forecast as showing Brazilian soy exports set to rise 9.4 per cent to 81 million tonnes in the current season.

StoneX believes Brazil will have to import 1 million tonnes of soybeans this year, up from the previous forecast of 500,000 tonnes, to meet domestic demand and tight supply.