SAO PAULO, Oct 30 (Reuters) - Brazil's soy planted area was seen rising 1.5% in the 2024/25 crop from the previous cycle, Rabobank said on Wednesday.
In a report about Brazil's agribusiness outlook for 2025, Rabobank said it expects the country soybean planted area to reach 47 million hectares (116 million acres) in the current crop.
WHY IT'S IMPORTANT
Brazil is the world's largest soybean producer and exporter.
ADDITIONAL CONTEXT
Earlier this month, Brazil's national crop agency Conab estimated the area planted with soybean in the country to grow 2.8% to 47.3 million hectares, the lowest year-on-year increase in six years.
In August, China's COFCO International had expected the area planted with soybeans in Brazil to grow at its slowest pace in a decade amid reduced margins, seeing it at near 47 million hectares.
BY THE NUMBERS
Rabobank said it expects soybean production in Brazil to reach a record high of 167 million metric tons, from an estimated 153 million tons last cycle.
For Brazil's 2024/25 corn, Rabobank expects an output of 125 million tons, 3 million tons above the previous cycle.
KEY QUOTES
Rabobank also said the "material delay" in planting amid adverse weather in the country has not led it to cut its soybean 2024/25 output estimate for Brazil.
"There is no negative impact correlated between planting delay and reduction in the field's expected productivity," its analysts wrote in the report.
(Reporting by Roberto Samora in Sao Paulo; Additional reporting and writing by Andre Romani; Editing by Jamie Freed)
((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))
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