Brazil soy area to grow at slowest pace in a decade in 2024/25, COFCO says
By Roberto Samora
SAO PAULO, Aug 26 (Reuters) -China's COFCO International expects the area planted with soybeans in Brazil to grow in 2024/25 at its slowest pace in a decade when compared to the previous season, a top executive at the firm told Reuters.
Luiz Noto, COFCO's grain and oilseeds head in Brazil, the world's largest soybean producer and exporter, said the company sees the local planted area standing near 47 million hectares in the new season.
He did not disclose exactly by how much COFCO estimates Brazil's soy area to grow from the previous cycle, but stated that the expansion would be the slowest in 10 years, citing reduced margins as global soybean prices hover near four-year lows.
In 2023/24, Brazil's soybeans area stood at about 46 million hectares, according to data from national crop agency Conab.
Despite the slower growth, Noto said Brazil's 2024/25 soybean crop could reach a record of about 168 million metric tons, taking into account weather conditions more similar to the historic pattern than in the previous cycle.
Brazil produced 147.4 million tons of soybeans in 2023/24, a decline from the record 154.6 million tons seen in the previous cycle, according to Conab.
In the last 10 years, according to the crop agency, the slowest year-on-year acreage growth in Brazil happened in 2016/17, when the expansion from the previous crop was estimated at 1.98%.
Reporting by Roberto Samora; Writing by Andre Romani; Editing by Mark Porter
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