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Brazil estimated to have record soybean crop

An ag economist says Brazil will likely have a record high soybean yield in 2020 despite dry weather.

Arlan Suderman tells Brownfield while he projects Brazil’s corn production to decrease because of dry weather, there is still time for soybeans to rebound.

“Think of it as being July in the United States, meaning there’s still plenty of time for the rains to come and to boost the yields in that area for soybeans,” he said.

Suderman said China has already purchased more than 20 million metric tons of Brazil’s current soybean crop, lowering U.S. demand.

“We’re anticipating shipments of U.S. soybeans to start slowing dramatically in the weeks ahead,” he said.

Suderman said demand will not increase for U.S. soybeans because of a decreased soybean meal market in China from ASF, unless the phase one trade deal guarantees significant amounts of soybeans going to China.