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Brazil and Argentina expected to produce half world’s soybeansqrcode

Nov. 20, 2008

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Nov. 20, 2008
Even though the widening global credit crisis and tighter credit for farmers has reduced prospects for South American soybean production, says Business Wire, soybeans are favored over other crops due to lower input costs. The US Department of Agriculture is projecting Brazilian soybean production at 60 million metric tons (mmt) in 2008/09, slightly below the 2007/08 crop of 61 mmt. As of early November 2008, 40% of the crop has been planted. Argentina's soybean crop is expected to be up approximately 9% from the previous year to 50.5 mmt. Together, Brazil and Argentina are expected to produce nearly half of global soybean production.
Source: FCI

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