Source: Oleoscope (Russia)
Brazil, the world’s largest producer and exporter of soybeans, is projected to set a record soybean harvest in MY 2025/26, according to a report from USDA’s Foreign Agricultural Service (FAS).
Brazil accounts for 40% of global soybean production and production is expected to increase 2% year-over-year to 173 million tons as Brazilian producers are projected to increase soybean acreage to 48.2 million hectares, up from an estimated 47.3 million hectares in 2024/25.
FAS forecast soybean exports to grow 3% to 112 million tons in 2025-2026, more than double that of the next largest exporter, the US.
The agency said global demand for soybeans will continue to grow, with China being “the main driver of global demand, accounting for the majority of the world’s soybean imports.” While China is trying to become more self-sufficient in grain and oilseed supplies, FAS does not expect the world’s second most populous country to reduce purchases from Brazil, especially amid heightened trade tensions with the United States. Earlier, the service released a report forecasting increased demand and processing of soybeans and canola in China. China is expected to import 106 million tons of soybeans in 2025/26, up 2% from an estimated 104 million tons in 2024/25.
The report says the European Union accounts for about 14% of Brazil’s soybean and derivatives exports. Another factor making Brazilian soybean exports attractive is the country’s currency exchange rate, which remains relatively low due to economic stagnation in the country.
With global demand for soybeans on the rise, Brazil’s soybean acreage has grown 20% over the past four years. FAS predicts that acreage will continue to expand as the Brazilian government focuses on converting degraded pastures into farmland.
The Brazilian National Supply Company (CONAB) recently estimated that by 2032/33, Brazil’s soybean area will reach nearly 56 million hectares and production will increase to 186.7 million tons.