SÃO PAULO, BRAZIL — Brazil’s soybean production is expected to reach a record 132.6 million tonnes next season, Reuters reported, as demand from China continues and farmers plan to expand acreage.
Agribusiness consultancy StoneX said Brazil will expand soybean plantings to a record 38 million hectares in 2020-21. Last season, the nation harvested 122.8 million tonnes of soybeans.
The nation will need to import 1 million tonnes of soybeans this year, up from 500,000 tonnes a year ago, StoneX said.
The first corn crop planted area is expected to drop but production is expected to reach 27.7 million tonnes, an increase of about 1.6 million tonnes from a year ago.
StoneX estimated soybean exports at 81 million tonnes compared to 74 million tonnes last year.