Brazil set to overtake US as leading soybean producer

Brazil set to overtake US as leading soybean producer

Photo by Andrea Gantz

US-China trade war, weather and other factors will likely crown Brazil the world’s largest soybean producer this year

“Market exuberance” about rising soybeans in recent months led the U.S. Department of Agriculture (USDA) to bump up Brazil’s forecasted 2019-20 soybean production. The USDA’s late December report anticipated that Brazilian farmers will plant 36.8 million hectares (90.9 million acres) of soybeans this year, with the potential to harvest a record 123.5 million metric tons. Brazil’s previous record was 122 million metric tons, according to the USDA.