February 3, 2015
South Africa farmers are planting the country’s biggest area of soybeans on record as demand for soy climbs. Soybeans are taking acreage away from corn, as growers will sow 620,300 hectares (1.53 million acres) – a surprising increase of 23%, as corn acreage will decline by 1.2% according to the Crop Estimates Committee. Soy demand in the country is outpacing supply. In the 10 months through December 2014, South Africa used 823,413 tons of soybeans – exceeding the supply from the previous season by 8%. Of the 823,413 tons used, 84% was processed into oil and oil cake according to Grain Information Service data. In 2013/14 South Africa was a net importer of soymeal – however, according to U.S. Department of Agriculture data, it will probably become a net exporter this season as the country’s processing industry now has the ability to meet demand if run at full capacity, and soybean output will likely reach an expected 1 million tons in the upcoming harvest.
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