Brazil Soy Planting Growth Slowing, Accelerating in Argentina

USAgNet - 09/12/2024

Argentina could see the largest expansion of soybean planting in more than a decade in the 2024-25 planting season, while Brazil's soybean plantings are expected to grow at the slowest pace in a decade during the same time frame.

Reuters' Maximilian Heath reported that "Argentine farmers are likely to plant more soybeans in the current 2024/25 season, trimming the area dedicated to corn after that crop's last harvest was hit by a devastating insect plague and with rain forecasts looking rosier for soy. The trend could see the largest expansion in soy planting in over a decade, analysts said, potentially boosting supplies globally with prices already subdued. Argentina is the world's top exporter of processed soymeal and oil."

At the same time, Reuters' Karen Braun reported that "this year's price slump has the oilseed looking less attractive than normal to Brazilian producers, though a record crop and the further padding of global supplies may be inevitable. China's COFCO International on Tuesday said the firm expects Brazil's soy plantings in 2024-25 to grow at the slowest pace in a decade due to lower profit margins for farmers, similar to the theory offered earlier this year by the U.S. Department of Agriculture."

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