EN 
PT_BR 
The United States Department of Agriculture (USDA) has kept its figures for the 2025/26 US soybean crop year unchanged, maintaining its estimates for production, exports, and ending stocks. This decision comes despite weekly export data indicating the possibility of shipments falling short of the agency's projections.
In the global scenario, the USDA raised its projection for world soybean stocks for 2025/26, now estimated at 122.4 million tons. This volume represents an increase compared to the previous report, although it is still below the amount recorded in the last crop year.
Photo: Gilson Abreu/AEN
In South America, Argentina announced a permanent reduction in export tariffs for grains and their derivatives. The soybean tariff was reduced from 26% to 24%, while the tariff for by-products fell from 24.5% to 22.5%. The measure aims to alleviate the tax burden on the agricultural sector and stimulate sales by producers, at a time of sharp decline in foreign exchange revenue. In November, dollar inflows from exports totaled US$759.7 million, a decrease of 62% compared to the same period in 2024. The decision also aims to reduce the uncertainty generated by the end of the temporary reduction in export taxes adopted at the beginning of the year.
In Brazil, despite irregular rainfall and planting delays in some regions, crop development is generally progressing positively. December will be crucial for consolidating the productive potential in various areas. If the weather projections for the coming months are confirmed, the Brazilian harvest could reach a new record, with production estimated at around 178 million tons.
For the 2025/26 cycle, growth is expected in both domestic and external demand, projected at 64.2 million and 112 million tons, respectively. Even so, despite the increase in consumption, Brazilian inventories are expected to rise again by the end of the season.
