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South American Farmers Expanding Soybean Production

The U.S. soybean harvest will soon finish with expected record yields. South American farmers are already working on the 2024-2025 planting season, and Farmdoc Daily says Argentina may see its largest soybean acreage expansion in more than a decade.

Brazil’s plantings are also expected to grow, albeit at their slowest pace in ten years. This surge in supply, driven by potential record production in both countries, could further depress international soybean prices in the months ahead. Brazil’s National Supply Company, Conab, says Brazil’s soybean acreage is projected to grow by 2.8 percent, reaching 117 million acres. This marks the slowest growth in ten years, driven by lower profit margins for farmers.

If weather conditions are favorable, the 2024-2025 South American soybean crop is forecasted to reach 6.1 billion bushels, a 13 percent increase over the previous harvest. The Argentinian soybean crop is projected to hit 1.91 billion bushels.

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