The Brazilian Association of Vegetable Oil Industries (ABIOVE) has updated monthly figures for the Brazilian soybean complex in November 2023, as well as estimates for 2024. According to data collected from January to November 2023, soybean output is expected to increase slightly to 158.7 million tons, with processing output remaining at 53.6 million tons. ABIOVE also lowered its forecast for 2024. Soybean output is expected to be 160.3 million tons, down from the previous estimate of 161.9 million tons, with processing remaining at 54.5 million tons. Soybean meal output stands at 41.7 million tons, while soybean oil production stands at 11 million tons.
Source: Safras&Mercado (*Translated by Ia Niani)