By George Mwangi
Special to Dow Jones Newswires
South Africa's soybean production is forecast to rise by 3.7% on year, and exports to increase by 15% the U.S. Agriculture Department said late Monday.
A record 2.8 million metric tons production is expected in the current marketing year beginning March 2023 through February 2024, from 2.7 million tons the year prior, the department said in its annual South Africa oilseeds and products report.
The country's soybean-planted area has expanded almost nine-fold during the past two decades to 1.18 million hectares, it said.
"This surge has been driven by farmers' growing interest in using soybeans as a rotational crop with corn and a growing local demand for soybeans through extensive investments in oilseed processing plants," the report said.
In addition, higher-yielding cultivars have been introduced after a statutory seed levy--payable to the South African Cultivar and Technology Agency--was introduced, it said.
South Africa soybean export is expected to rise by 15% to 750,000 metric tons in the current marketing year, the department said.
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(END) Dow Jones Newswires
04-19-23 0734ET
