Sao Paulo: Farmers in Brazil are expecting to reap a record 150.62 million tonnes of soybean for the 2022/23 season despite a drought-like situation arising due to the La Nina effect in Southern Brazil.
The 12 analysts that Reuters polled expect a bumper crop due to the increased area under soybean cultivation which is around 42.83 million hectares (105.8 million acres). The soybean production in the country is expected to exceed last season’s output by 25 million tonnes despite the drought in the southern part of the country.
Luiz Roque, an analyst at consulting firm Safras & Mercado said, “The plantation is increased and the favourable climate including moisture due to good rains would help the crop.”
