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More soybeans from South America might drive prices lower
A University of Illinois professor says South American planting projections could depress world soybean prices even further.
Professor Joana Colussi with the University of Illinois College of Agriculture and Consumer Economics tells Brownfield Brazil’s production is expected to grow, although not as fast as in past years. She says Brazil still has the potential to set a soybean record. “If the weather conditions are favorable, the 2024-25 soybean crop, the current crop season is forecasted to meet a record over six billion bushels, a 13% increase over the previous harvest.”
Colussi says Argentina might also have its largest soybean acreage in over a decade. Colussi says the Argentine soybean acreage is up 7% to around 44 million acres, in part because of a bacterial corn disease last growing season. “Many farmers last crop season lost their entire corn crop to the disease, and because of that, they are particularly concerned about this season.”
Colussi says with more soybean acres expected and the potential impacts of La Nina bringing rain to northern Brazil and drought to southern Brazil and Argentina, any production forecast or market analysis should be approached with caution.
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Publish date : 2024-10-29 10:07:00
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