The United States Department of Agriculture (USDA) forecasts that Brazil will surpass Argentina in soybean meal exports in 2023. This will make Brazil the largest exporter of soybean meal in the world. The USDA forecasts that Brazil will export 21.5 million metric tons of soybean meal in 2023, an increase of 6% from 2022. At the same time, the USDA forecasts that Argentina’s soybean meal exports will fall by 20% in 2023. The increase in Brazil’s soybean meal exports is due to a record crop in 2023. The USDA forecasts that Brazil will produce 41 million metric tons of soybean meal in 2023, an increase of 4% from 2022. In Argentina, on the other hand, a severe drought has damaged the current cycle’s harvest. The forecast dropped from 30 million tonnes to 21.4 million tonnes.
Sources: Revista Oeste/Datamar News