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BRAZILIAN FARMERS EXPECTED TO INCREASE THEIR SOYBEAN ACRES BY 4%
Agri-Pulse reports:

Brazil is being hit hard by the COVID-19 pandemic, exacerbating the country's economic woes, but farmers are eager to get back into the field and plant more soybeans than ever, according to a new analysis from USDA's Foreign Agricultural Service.

FAS officials say farmers likely will increase soybean acreage by about 4% this year and produce about 130 million metric tons - up from the record-breaking 123 million tons in the previous harvest.

"Market consensus is that Brazil's gross domestic product is set to contract by at least 7% this year on the account of the hard-hitting novel coronavirus pandemic," says FAS. Brazil's agricultural GDP is expected to grow by 2% to 3% this year, largely due to soybeans.

Brazil is forecast to export 84 million tons of soybeans in 2021, up from 78 million tons this year.


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