Brazil farmers sell more than half of their 2024/25 soybean crop - Agroconsult

Brazilian farmers have sold more than half of their 2024/25 soybean crop, which is estimated at a record 172.1 million metric tons this season, Andre Pessoa, president of agribusiness consultancy Agroconsult, said on Thursday.

Speaking at the headquarters of the Santos Trade Association, Pessoa said Brazilian soybean farmers have sold "extraordinary" volumes of soybeans over the last few days as a global trade war escalates.

Brazil, the world's biggest soybean producer and exporter, will ship around 106 million tons of soybeans this year, according to Agroconsult projections. Most of that volume will be absorbed by China, the world's largest importer and Brazil's main trader partner.

At this time last year, Brazilian farmers had not sold as many soybeans, Pessoa said. Brazil's total soybean production in the 2023/2024 season reached 155.5 million tons, according to Agroconsult's data.