Brazilian farmers kept pushing ahead with soybean expansion even as they grapple with a credit crunch and shrinking profit margins. The country’s soy area is expected to grow between 2% and 4% in the 2025/26 season — a pace some analysts describe as surprising given the tough backdrop.

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AgRural analyst Daniele Siqueira also called the acreage increase ‘surprising.’ ‘It kept rising in recent surveys over the past few months. Maybe growers are hoping for better prices ahead,’ she said. AgRural estimates plantings at 49.1 million hectares, roughly in line with Conab.

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