Brazil is on track for a record-high Brazilian soybean harvest in the marketing year 2022-23 (January-December 2023) going by the forecasts of commodity consultancies and government-owned institutions, likely signaling a looming oversupply that will linger until at least mid-2023. The average of estimates by the various organizations has the world’s top soy supplier producing a record 152 million mt of soybeans in MY 2022-23, up 20% year on year. S&P Global Commodity Insights projects the Brazilian MY 2022-23 soybean crop at 150 million mt. Going by the estimates, Brazil’s soybeans area has expanded for a consecutive 16th year, which has significantly boosted its production capacity. Brazil’s national agricultural agency Conab sees the acreage in MY 2022-23 at 43.2 million hectares (107 million acres), up 4.2% year on year, while others are predicting an even bigger area.
Sources: S&P Global/Datamar News