South America Poised to Expand Soybean Acreage, Further Pressuring Soybean Prices

As the U.S. soybean harvest concludes with what are expected to be record yields, South American farmers are advancing the 2024-25 planting season. Argentina may see its largest soybean acreage expansion in over a decade. Brazil’s plantings are also expected to grow, albeit at their slowest pace in ten years. This surge in supply, driven by potential record production in both countries, could further depress international soybean prices in the coming months. This article highlights the latest estimates for the 2023-24 soybean crop in Brazil and Argentina, which together account for 60% of global production, and provides perspectives on international soybean markets.