Datagro forecasts record South American soybean production, up 21% year-on-year

Foreign media, September 25 news: Consulting firm Datagro said on Friday that South American soybean production and planting area will both hit record highs in 2022/23.

South American soybean production in 2022/23 will reach a record 219.34 million tonnes, up 21% from 181.95 million tonnes in 2021/22, Datagro’s first survey of the 2022/23 soybean crop in South America shows.

Soybean acreage is set to reach a record 66.09 million hectares (163.3 million acres), up 3 percent from the previous year’s 63.87 million hectares and the sixth consecutive year of increased acreage.

The above forecast is based on relatively normal weather, but La Niña may bring uncertainty.

Flavio Robert Franca, head of research at Datagro, said that despite the sharp increase in production costs, there were signs that spending would remain stable in 2022/23.

Brazil’s soybean production in 2022/23 is forecast at 151.83 million tonnes, up 9% from the 2020/21 record of 138.82 million tonnes. Soybean plantings will expand for the 16th consecutive year, from 41.8 million hectares to 43.03 million hectares.

Argentine soybean acreage recovered after two consecutive years of decline, rising from 16.2 million hectares to 17 million hectares. Harvested area would reach 16.55 million hectares, up from 15.7 million hectares in 2021/22, if the weather does not interfere too much. Argentina soybean production is forecast at 49.65 million tonnes, up 14% from 2021/22.

Soybean plantings in Paraguay are estimated at 3.8 million hectares, up from 3.76 million hectares in 2021/22. If weather is normal, soybean production is expected to rise to 10.92 million tonnes and 4.95 million tonnes in 2021/22.

Bolivia’s soybean area is likely to reach a record 1.49 million hectares, up from 1.45 million hectares the previous year; production is estimated at 3.5 million tons, up 3 percent from the previous year.

Uruguay’s soybean planting area was 1.22 million hectares, an increase of 5% year-on-year. Production is expected to be 3.43 million tons, up 4% year-on-year and also a record high.