Brazil’s soybean output and exports in 2023 will be higher than expected, Brazilian oilseed lobby Abiove said. Abiove now estimates Brazil’s soy production at a record 153.6 million tonnes, 1 million more than the last projection in January. The new forecast comes as farmers have reaped more than 50% of the country’s fields, and shows an 18.2% increase if compared to the previous cycle, when the crop was hit by a drought in southern states. The forecast for Brazilian soybean exports in 2023 has also been increased by 300,000 tonnes to a record 92.3 million tonnes, Abiove said, 17.2% above the 78.7 million tonnes seen in 2022. Abiove kept the projection for domestic soy processing at the unprecedented level of 52.5 million tonnes for 2023, 1.6 million-tonne more than in 2022.
Sources: Nasdaq/Datamar News