Brazilian farmers are projected to produce 167.37 million tons of soybeans for the 2024-25 season, exceeding earlier forecasts. Over 105 million tons are slated for export, primarily to China, as demand rises amid heightened trade tensions with the U.S., which has imposed tariffs on Chinese products.
Brazilian soybean farmers are anticipated to harvest an even larger crop for the 2024-25 season, as indicated by forecasts from the crop agency Conab. The projected soybean yield is now 167.37 million tons, marking an increase of 1.3 million tons from Conab’s earlier February predictions. This figure surpasses the previous record of 155.7 million tons achieved in the 2022-23 season.
Of the total production, over 105 million tons are expected to be exported, reflecting a 7% increase compared to the previous season. As the leading producer and exporter of soybeans globally, Brazil maintains a competitive position against the United States and Argentina in the international market, with a majority of its exports directed to China, where the soybeans are refined for oil and livestock feed.
The demand from China for Brazilian soybeans is anticipated to rise, especially following Beijing’s recent implementation of import tariffs on U.S. agricultural and food products, including soybeans. This move was in retaliation to the tariff increases imposed by the Trump administration on Chinese goods, thus reshaping trade dynamics in favor of Brazilian exports.
In summary, Brazilian soybean farmers are set to achieve a record breaking crop for the 2024-25 season, with forecasts indicating a production of over 167 million tons. This is attributed to increased demand from China amid escalating trade tensions with the United States. As a result, Brazil is poised to strengthen its position in the global soybean market, with significant exports projected for the coming year.
Original Source: www.newsdakota.com
