USDA: Brazil's 2009/10 soybean planted area at 22.7 million hectares
USDA: Brazil's 2009/10 soybean planted area at 22.7 million hectares
According to a November 12 message from the USDA, the latest oilseed outlook report released by the USDA shows that Brazil's 2009/10 soybean planted area will increase by 1 million hectares to 22.7 million hectares, which is also 200,000 hectares above the October forecast.
Brazilian soybean prices were not far above 2008 levels, but planting costs fell sharply, improving the profitability of soybean cultivation. Since September, heavy rains have occurred in soybean-producing regions, improving soil moisture and creating ideal conditions for soybean planting. Brazil's soybean planting progress is currently faster than normal; as of the first week of November, about 48% of the soybean planting work had been completed.
Many farmers in Mato Grosso are planting early-maturing soybeans, hoping to sell at high prices earlier. In this way they can also plant a second crop of corn after the soybean harvest. Farmers have also found that soybeans with a short growth cycle have lower planting costs.
The USDA forecasts Brazil's 2009/10 soybean production at 63 million tons, compared with the October forecast of 62 million tons and 5.7 million tons in 2008.
Brazil's soybean exports in 2009/10 may no longer benefit from Argentina's poor soybean harvest, but higher soybean production prompted the USDA to raise its Brazilian soybean export figure by 300,000 tons to 23.95 million tons. Brazil's soybean processing volume will also increase, because domestic demand for soybean meal and soybean oil is strong.
The Brazilian government plans to raise the biofuel blending ratio, which will further increase domestic soybean oil demand.
Brazilian soybean prices were not far above 2008 levels, but planting costs fell sharply, improving the profitability of soybean cultivation. Since September, heavy rains have occurred in soybean-producing regions, improving soil moisture and creating ideal conditions for soybean planting. Brazil's soybean planting progress is currently faster than normal; as of the first week of November, about 48% of the soybean planting work had been completed.
Many farmers in Mato Grosso are planting early-maturing soybeans, hoping to sell at high prices earlier. In this way they can also plant a second crop of corn after the soybean harvest. Farmers have also found that soybeans with a short growth cycle have lower planting costs.
The USDA forecasts Brazil's 2009/10 soybean production at 63 million tons, compared with the October forecast of 62 million tons and 5.7 million tons in 2008.
Brazil's soybean exports in 2009/10 may no longer benefit from Argentina's poor soybean harvest, but higher soybean production prompted the USDA to raise its Brazilian soybean export figure by 300,000 tons to 23.95 million tons. Brazil's soybean processing volume will also increase, because domestic demand for soybean meal and soybean oil is strong.
The Brazilian government plans to raise the biofuel blending ratio, which will further increase domestic soybean oil demand.