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.
Below normal rains in the Parana-Paraguay water basin is hampering grain transport through waterways in Argentina as the water level of the river has dropped significantly, Bolsa de Comercio de Rosario, or BCR, said in a report.
Argentina's soy production will likely reach 56 million tons for the 2018/2019 season, two million tons more than previously estimated, the Rosario grains exchange said on Wednesday, a fillip for the sector that was battered by drought last year.
Global agricultural food commodity prices rose in May, with dairy prices jumping significantly. The FAO Food Price Index averaged 176.2 points during the month, up 1.2% from April.