Following are selected highlights from a report issued by the U.S. Department of Agriculture's Foreign Agricultural Service post in Brazil:
"Post forecasts that Brazilian producers will expand soybean planted area to reach 40 million hectares (ha) in the 2021/22 season, up from the estimated 38.5 million ha planted in the 2020/21 season. Post forecasts 2021/22 soybean production at 141 million metric tons (MMT), up from the estimated 134 MMT harvest this season.
"Soybean expansion is forecast on current market conditions and trends - including strong demand, high prices, and a favorable exchange rate. All these conditions are expected to persist well into the 2021/22 season. Soybean exports are forecast to hit records this season and next at 85 MMT and then 87 MMT. Peanut planted area and production are also forecast to rise on the same factors. Cottonseed area and production will rebound next season (2021/22) after a dip in the current season."