Brazil and Argentina are expected to maintain their positions in the global soybean market this year. Although Brazil’s harvest is projected to slightly decrease from last year’s record crop, Argentina is forecasted to double its soybean production. Together with the United States, these countries constitute the primary soybean producers globally, accounting for 80% of the total output. China, in contrast, holds a much smaller share at 5%.

According to estimates from the US Department of Agriculture (USDA), Brazil is poised to harvest approximately 156 million tonne of soybeans this crop year, slightly less than the previous year’s record of 162 million tonne. Brazil’s leading position is further solidified by a 1.3 million-hectare expansion in soy production area, reaching 45.9 million hectares, surpassing the US.

In the US, the soybean harvest concluded by the end of 2023, yielding around 113.3 million tonne, marking a decline of about 2.9 million tonne compared to the previous year.

In Argentina, the third-largest producer globally, the harvest is expected to be notably larger than the previous year, which was hampered by drought and heat. Forecasts suggest the output could even double to 50 million tonne, fueled by higher yields and expanded soy cultivation areas.

Conversely, China is anticipated to increase its harvest volume by approximately 556,000 tonne from the previous year, reaching 20.8 million tonne, as per the latest USDA estimates.

Source: Biofuels International