Brazil and its sea of soybeans

By Geraldo José G. Isoldi, Agricultural Markets Analyst for King Korn

In a report released on Nov. 14, the second of the Brazilian 24/25 season, the National Supply Company (CONAB, the agricultural Brazilian official agency) announced that Brazil is expected to harvest 166.14 million metric tons of soybeans (6.10 billion bushels). Interestingly, this figure is very close to the latest WASDE projection (Nov. 8), which indicated 169 mmt (6.21 billion bushels). Adding in Argentina’s 51 mmt (1.87 billion bu) and Paraguay’s 11.2 mmt (411.59 million bu), both projected by the USDA, South America’s total soybean production could reach a record 230 mmt (8.45 billion bu) — a true sea of soybeans.

For Brazil, this estimate is also the largest ever, 6.7% above the previous record of 155.7 mmt (5.72 billion bu) in the 22/23 season.

The soybean crop in Brazil traditionally starts in mid-September, with the states of Paraná and Mato Grosso.… Continue reading