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USDA attache sees Brazil 2020/21 soy crop at 130 million tonnes
July 13 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Brasilia:
Post forecasts above-trend expansion for the 2020/21 season, with planted area at 38.5 million hectares (ha) and production at 130 million metric tons (MMT). The economic downturn precipitated by the coronavirus pandemic has led to a sharp depreciation of the Brazilian real, pushing domestic soybean prices to record levels. Farmers are well-capitalized from this seasons' revenues and are eager to reinvest these profits. For the 2019/20 season, post estimates exports at 78 MMT based on strong demand from China. Soybean crush is estimated at 44 MMT, driven by internal demand for soy oil. Biodiesel demand leveled off only slightly, as commercial trucks continue to ply the roads to deliver agricultural commodities to ports. Despite difficulties posed by the pandemic, Brazil's infrastructure links continue to function virtually uninterrupted.
To read the full report, click: https://bit.ly/2Cw7mbC (Reporting by Julie Ingwersen; editing by Richard Pullin)
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