February 22, 2024
Brazil and Argentina to maintain global soybean market shares
Brazil and Argentina are poised to uphold their positions in the global soybean market this crop year, with Brazil's harvest expected to slightly dip from the previous year's record while Argentina anticipates doubling its soybean production, Biofuels International reported.
As the world's main soybean producers alongside the US, Brazil and Argentina collectively contribute 80% of global soybean output, with China trailing far behind at 5%.
According to estimates from the US Department of Agriculture (USDA), Brazil is projected to yield approximately 156 million tonnes of soybeans in the current crop year, just shy of the record 162 million tonnes harvested previously. Brazil solidifies its leading position, expanding its soy production area by 1.3 million hectares to 45.9 million hectares.
Meanwhile, the US has already completed its soybean harvest for the year 2023, yielding around 113.3 million tonnes, marking a slight decrease of approximately 2.9 million tonnes compared to the previous year.
In Argentina, the third-largest global producer, the harvest is expected to see a significant uptick from the historically weak previous year, potentially doubling to 50 million tonnes. This surge is attributed to improved yields and an expansion in soy cultivation area.
Conversely, China, according to the latest USDA estimate, foresees a modest increase in harvest volume, reaching around 20.8 million tonnes, up by approximately 556,000 tonnes from the previous year.
- Biofuels International
