A record 155.08 million tons of soybeans are expected to be produced in Brazil in 2022–2023, up from the 152.43 million tons estimated in the previous month due to improvements in the productivity of grains harvested in Brazil’s Southeast and Center-West. Also, Safras said that 44.3% of the expected production for this cycle has already been sold, compared to 35.4% last month and a historical average of 59.6%, in the midst of a more cautious strategy by the farmers, waiting for higher prices to close sales. If confirmed, the volume produced in 2022–2023 will grow by 20.7% over the previous season, which was more severely affected by the drought in the southern region due to La Niña.
Sources: Forbes Brasil/Reuters (*Translated by Ia Niani)