BRASILIA, BRAZIL — Brazilian soybean acreage and production is forecast to increase in the 2023-24 marketing year after posting records in both categories in 2022-23, according to a Global Agricultural Information Network (GAIN) report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.

The FAS sees planted area expanding from 43.5 million hectares in 2022-23 to 45.2 million next year and production soaring from 152 million tonnes this year to 159 million tonnes in 2023-24. It noted that Brazil’s cumulative soybean planted area grew by 20%, or 7.1 million hectares, over the last five seasons.

“Soybeans expansion is forecast on current market conditions and trends including strong demand, high prices and a favorable exchange rate,” the FAS said.

Brazil also is expected to set a record for soybean exports in 2023-24 at 98.1 million tonnes, topping this year’s record-setting total of 95 million tonnes. China continues to be Brazil’s biggest soybean buyer, the report said, accounting for more than 53% of Brazilian exports during the last marketing year.

Globally, Brazil is the leading producer and exporter of soybeans, accounting for more than 40% of the world’s soybean production, the report said.