Brazil to Overtake US as Leading Soybean Producer, USDA Says
Brazil is poised to overtake the U.S. as the world’s leading soybean producer during the 2019-2020 season, according to a U.S. Department of Agriculture Foreign Agricultural Service report released Jan. 2. Although USDA predicts Brazil’s soybean exports will remain about…
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the same compared with the previous year, an “emerging trade truce” between the U.S. and China as a result of the two sides’ phase one deal (see 1912310010) is “almost certain” to dent Brazilian soybean exports and lower the country’s soybean prices. “Brazil will lose some portion of its China export share to the United States” due to the deal, the report said. The Brazilian reaction to the initial U.S.-China trade deal has been “muted” even though it will likely cut into Brazil's agricultural exports, the USDA said. Because the details of the deal are not yet clear and due to other factors affecting U.S. soybean crop yields, most Brazilian soybean exporters have “adopted a wait-and-see approach,” the report said.