Brazilian soybean production set to hit new record high
Brazil, the US and Argentina are the world’s main soybean producing countries, collectively accounting for 81 per cent of global soybean output. India follows a long way behind with a share of 3 per cent. According to a USDA estimate, Brazil is seen to harvest an all-time record of 153 million tonnes of soybeans in the current crop year, which would be up around 23.5 million tonnes on the previous year. Brazil is consolidating its number one position ahead of the US based on a 1.9 million hectare expansion in soy production area to 43.4 million hectares. In the US, the soybean harvest was already complete by the end of the year 2022. It amounted to around 116.4 million tonnes, which translates to a decline of around 5.2 million tonnes year-on-year.
In Argentina, the world’s third largest producer of soybeans, the harvest is set to decrease substantially compared to the previous year due to the continued dryness and extreme heat. November 2022 was in fact reported to be the hottest month ever in Argentine history. Against this background, the harvest is likely to decline around 2.9 million tonnes year-on-year to 41 million tonnes. In contrast, according to the latest USDA estimate, India anticipates an increase in harvest volume of around 100,000 tonnes on the previous year to 12 million tonnes.
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