MercoPress. South Atlantic News Agency

Brazil expects a record soybean harvest of 130 million tons

The growth to the unprecedented level of 38 million hectares, is driven by high-profit margins, coupled with the exchange rate boost

Brazil’s soybean production in 2020/21 is expected to jump to a record 130 million tons, with good prices driving farmers to increase planting in pasture areas after a drought reduced the harvest in the south of the country in 2019/20.

A survey carried out with eight experts indicates that Brazil, the largest global producer and exporter of soybeans, may increase its harvest by about 8% compared to the 120.9 million tons projected by the government in the previous cycle.

The growth, of almost 3% in the harvested area, to the unprecedented level of 38 million hectares, is driven by high-profit margins, coupled with the exchange rate boost, which allowed accelerated advance sales by producers, according to analysts.

“Almost 50% of the soybean crop has already been sold, at a record pace, this shows the trend of growth in the area,” Bartolomeu Braz Pereira, president of producer association Aprosoja Brasil commented.