Brazilian soybean harvest set to hit another record high

Brazil and Argentina continue to consolidate their shares in the global soybean market this marketing year, with Brazil expecting another bumper crop.
Brazil, the US and Argentina are the world's main producers of soybeans, collectively accounting for 80% of global production.
China follows a long way behind with a market share of 5%.
According to estimates from the US Department of Agriculture (USDA), Brazil is set to harvest a record volume of around 169 million tonnes of soybeans in the current crop year.
This figure compares to 153 million tonnes a year earlier. Based on a 1.3 million hectare expansion in soybean area to 47.4 million hectares, Brazil consolidates its position as the world's number one soybean producer ahead of the US.
The Brazilian soybean harvest is currently in full swing. As of 7 February 2025, the harvest was approximately 15.1% complete, the long-standing average for the same date being 18.4%. Argentina, which ranks third among the world's most important producers, is also projected to see a slightly larger harvest compared to the previous year.
According to research by Agrarmarkt Informations-Gesellschaft the country is expected to harvest 49 million tonnes, around 790,000 tonnes more than the previous year. In contrast, latest USDA estimates indicate that China's harvest will decline around 190,000 tonnes from the past year, falling to 20.7 million tonnes.