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Brazil hangs tight as top soybean producing country

Farmers in Brazil are expected to retain their position as the leading soybean producers in the world both this season and next.

The USDA has lowered its’ estimate for the current soybean crop in Brazil to 124.5 million tons because of dry weather in a key production state, but that is still above many other major estimates, including the most recent guess by Brazil’s equivalent of the USDA, CONAB which has a projection of 122 million tons, still a 6% gain from the 18/19 harvest.

The USDA’s Foreign Agriculture Service sees Brazil’s next harvest, which usually begins in January, is projected to turn out 129 million metric tons, up 6 million from this year on an expected increase in planted area.