Safras: Brazil’s soybean area is expected to increase by 2.6% year-on-year next year

Foreign media July 18 news: Consulting agency Safras & Mercado released its first survey report on the soybean crop for the next year. In the 2022/23 season, which began in September, the soybean planting area in Brazil is expected to be 42.88 million hectares, an increase of 42.88 million hectares year-on-year. 2.6 percent, an all-time high, with corn and cotton fields in some areas retransmitted to soybeans.

The company’s analyst Luis Fernando Roque said that due to high soybean prices, despite high costs, soybean cultivation is still highly profitable, and Brazilian farmers should be encouraged to increase soybean plantings. Soybean yields tend to recover after a drought-related decline in 2021/22. Soybean production will reach 151.5 million tonnes, up 20.3% from 125.88 million tonnes in 2021/22.

In terms of exports, soybean exports in 2022/23 will exceed 90 million tonnes, as production is expected to record highs and demand from China is high.

As far as local production is concerned, Mato Grosso production is once again a bright spot, with soybean plantings in 2022/23 increasing by 3.5% year-on-year.

In southern Brazil, where a sharp drop in production this season could limit growth in soybean area in Rio Grande do Sul and Parana, farmers have some insecurities about expanding plantings because of financial problems due to severely damaged production in 2021/22 . But in any case, soybean acreage will still grow.

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