DATAGRO: South American soybean acreage to hit record high in 2022/23

Foreign media, November 24 news: The second survey of soybean plantings in South America for 2022/23 by consulting firm DATAGRO confirms the trend of planting intentions released in September, and the soybean planting area in South America will reach a record 66.85 million hectares, more than The original forecast was 1.1% higher and 5% higher than the 63.87 million hectares in 2021/22, which would also be the sixth consecutive year of growth in planted area.

DATAGRO expects South American soybean production in 2022/23 to be 218.16 million tons, down from 219.34 million in September’s forecast, but still up 20 percent from the 181.76 million in 2021/22, which was reduced by severe weather.

Flávio Roberto de França Junior, an economist and head of research at DATAGRO, said that, as in the past five years, despite some constraints, the factors that encourage soybean cultivation have an advantage over the restrictive ones.

As the world’s largest soybean producer, Brazil’s soybean production in 2022/23 is expected to reach 153.32 million tons, an increase of 11% from 138.82 million tons in 2020/21. This will be the 16th consecutive year that Brazil’s soybean area has expanded, from 41.8 million hectares to 43.79 million hectares.

After two consecutive years of decline, Argentina’s 2022/23 soybean acreage will recover from 16.2 million hectares to 17 million hectares, and if the weather doesn’t interfere too much, the soybean harvested area could reach 16.55 million hectares, up from 2021 /15.7 million hectares in FY22. The output is expected to reach 46.98 million tons, an increase of 9% year-on-year.

DATAGRO forecasts 3.8 million hectares of soybean plantings in Paraguay, up slightly from 3.76 million hectares in 2021/22. If the weather is normal, total soybean production could reach 10.92 million tonnes, up from 4.95 million tonnes in 2021/22.

The survey shows that Bolivia’s soybean plantings may reach a record level, increasing from 1.45 million hectares to 1.49 million hectares, and soybean production is expected to be 3.5 million tons, 3% higher than in 2021/22.

Uruguay’s soybean planting area is expected to be 1.22 million hectares, an increase of 5% year-on-year, and soybean production is expected to reach 3.43 million tons, an increase of 4% year-on-year, which will also be the highest in history.