SAO PAULO: The area planted with soybeans in Brazil will grow in 2024/25 at its slowest pace in almost two decades, agribusiness consultancy AgRural said, forecasting a modest 0.9% expansion when compared to the previous season.
AgRural expects Brazil’s soybean area to reach 46.4 million hectares in 2024/25, which - based on figures provided by national crop agency Conab - would mark the worst year-on-year performance since 2006/07, when there was a drop from 2005/06.
“Prices are not encouraging a greater area increase,” AgRural analyst Daniele Siqueira told Reuters, as benchmark soybean futures in Chicago hover around four-year lows on expectations of a bumper US crop.
Siqueira noted the figures were still preliminary as dry weather in the main producing areas should hold off an early start to planting in September.
Comments
Comments are closed for this article.