SAO PAULO (Reuters) – Brazil’s 2023 soybean crop and export forecast was revised upward on Thursday, the Brazilian Association of Vegetable Oil Industries (ABiov) said, setting record expectations for the world’s biggest soybean producer and exporter. Are.
With collection work practically complete, production was estimated at 155 million tonnes, 1.4 million more than the April forecast. With favorable weather and an increase in planted area, national production will increase by about 20% compared to 2022.
The country’s soybean exports this year will total 95.7 million tonnes compared to last year’s 78.7 million, two million more than the previous forecast, according to the association that brings together the main trading and processing companies.
Brazilian soybean processing was forecast at 53 million tons in 2023, 500,000 tons more than the previous estimate, and 50.9 million tons in 2022, with external demand for soybean meal due to a poor harvest in Argentina.
Soybean meal production should total 40.6 million tonnes, up 40.2 million from an earlier forecast, while export estimates rose 400,000 tonnes to 21.4 million tonnes.
Ebiov forecasts a 21.6% increase in Brazil’s soybean export volume this year compared to 2022, as the country takes advantage of a record harvest, while annual shipments of soybean meal are expected to increase by 5.16% .
Compared to 2022, soybean oil exports will decline by 17.2%.
On the other hand, the association lowered its forecast for export earnings from the soybean complex to a record $65.9 billion, down from a forecast of $67.4 billion in April, due to lower prices of soybeans, grain, flour and oil as Brazil Produces record crops.
Nevertheless, the estimate represents an annual increase of $5,000 million for higher amounts of soybeans and meal. The soybean sector is Brazil’s largest exporter.
