New Delhi — Consultancy Agroconsult lifted its Brazil soybean output forecast to a record 126.3 million mt for 2019-20 (September-August) from the earlier estimate of 124.3 million mt.
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Brazil produced 119 million mt of soybean in 2018-19, Agroconsult, a widely followed consultant based in Brazil, said in a recent report.
The soybean planted area is estimated at 36.7 million hectares, up 2.2% year on year, Agroconsult said.
"With good light and rain at an adequate volume, Mato Grosso and Sudoeste de Goias should surpass the productivity records of the 17/18 crop. A striking feature of this season is the excellent health of the crops with few pest and disease problems," the report said.
Brazil is the largest exporter of soybeans in the world. The South American nation is likely to export 77 million mt of soybeans in 2019-20 compared to an estimated 74.59 million mt in 2018-19, according to the US Department of Agriculture.