SAO PAULO: Brazilian soya production will hit a record 132.6 million tonnes next season, as demand from China remains strong and farmers intend to expand acreage, according to a forecast from agribusiness consultancy StoneX on Tuesday.
StoneX predicts Brazil will expand soyabean plantings to a record 38 million hectares (94 million acres) in the 2020/2021 cycle, which starts around September. In the previous season, Brazilian farmers harvested 122.8 million tonnes of soyabeans, StoneX estimates.
Given strong internal demand and tight domestic supplies, StoneX now believes Brazil - the world's largest exporter and producer of soyabeans - will need to import 1 million tonnes of the oilseeds this year, up from the 500,000 tonnes previously forecast.
Regarding Brazil's first corn crop, StoneX estimates a slight drop in planted area, of about 50,000 hectares (123,550 acres), though production is pegged at 27.7 million tonnes, around 1.6 million tonnes above last season, as yields will likely recover.
The consultancy has not released a forecast for next season's second corn crop, which is planted after soyabeans are harvested. StoneX also estimated Brazilian soya exports at 81 million tonnes this season, compared with 74 million tonnes in the previous year.