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Soy: traders simply refuse to be shocked

July 21, 2023 at 10:27 AM , Der AUDITOR
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BRASÍLIA/CHICAGO. While Russia’s decision to pull out of the Black Sea Grain deal has failed to impress the market, traders in Brazil see great potential in the present demand situation. A new study shows that Brazil will continue to produce record volumes of grain in the next ten years. This will also have implications for fertilisers.

Brazil to produce 188 million mt of soybeans

In a new study released on Thursday Brazil’s Ministry of Agriculture states that the country will increase its grain production to 390 million mt by 2032/2033. This is 24% up on the 313.8 million mt harvested in 2022/2023. Soybeans are the main driver as production is expected to rise by 21% to 188 million mt. This will enable Brazil to export around 121 million mt of soybeans per year, which will account for 61% of world shipments. While the area planted with grains currently spans 77 million ha, it is set to rise

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