Sao Paulo, Brazil, 13 Feb – Brazilian soy exports are expected to be three-fold those of the United States of America (USA) within the next ten years, according to long term projections published Tuesday in Washington by the US Department of agriculture (USDA).
According to the USDA’s Agricultural Projections Report sales of soy from Brazil are expected to rise from 30.7 million tons in the 2007/2008 season to 62.9 million tons in 2017/18 whilst US exports of soy are expected to fall from 26.5 million tons to 22.5 million tons in the same period.
Last season the US was the world’s biggest soy exporter but this year, if projections are confirmed, Brazil will be the market leader.
According to the US government, US production of soy is expected to level out over the next few years in favor of maize production, whilst there will be greater domestic demand for soy due increased biodiesel production.
China, the world’s largest importer of soy, is expected to increase its acquisitions from 33.5 million tons to 36.2 million tons in 2008/09 and by 2017/18 that amount is projected to rise to 58.3 million tons.
The European Union, the world’s second largest importer of soy, is expected to continue importing between 14 and 15.5 million tons of soy per year over the next decade, according to the USDA. (macauhub)