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Brazil's Soybean Crop Poised to Break Another Record
USAgNet - 01/15/2020

Brazilian soybean production in 2019-20 crop year is forecast at 123.9 million mt, up 1.4% from December estimate due to better yield expectation, agricultural consultancy AgRural said Monday.

According to SP Globa, the soybean yield was expected to rise 4% year on year to 3.32 mt a hectare on sufficient rainfall across the region in the past few weeks, Brazilian national crop agency Conab said in its latest report.

The country's soybean harvest has reached 0.4% of the projected 2019-20 area as of January 9, Agrural said. The current harvest pace is 1.7 percentage point slower year on year and 0.3 points lower than the five-year average, it added.

AgRural estimates that Brazil will plant soybeans on 36.4 million ha in the 2019-20 crop year, which started from September 1, up 1.6% year on year.

Under normal weather conditions soybean planting across Brazil starts in mid-September but dry weather in September 2019 delayed planting by a couple of weeks. As a result, the harvest pace is lagging behind year on year, Conab said.

The USDA forecasts Brazil -- the world's largest soybean producer and exporter -- will export 76 million mt of beans in the 2019-20 marketing year, up 1% year on year.

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