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Brazil on track for record soybean crop

Brazil soybean production remains on a record track.

Analyst Arlan Suderman with StoneX tells Brownfield only 10 to 15 percent of the crop has suffered from some level of stress.

“That’s typical even in the Midwest in a typical year to see some areas under stress. Other areas are seeing really good yield potential, so right now we’re looking for a big crop.”

He expects the world’s top soy supplier to produce up to 155 million metric tons.

“In other words, we could see Brazil soybean production go up by 900 million to 1 billion bushels over last year’s crop. So that’s a big jump.”

Suderman says that’s not the case to the south where crops in Argentina, Paraguay and Uruguay are suffering from drought.