Abiove, a Brazil-based oilseed crushing and trader group, on Wednesday, April 12, raised its soybean export forecast for the country by 1.4 million tonnes to 93.7 million tonnes, citing strong demand from China and other Asian customers and a shift in demand to Brazil from Argentina. This also represents a jump compared to the 2022 total (78.7 million), a year marked by the effects of the drought in Brazil. According to Daniel Amaral, the chief economist at Abiove, the forecast for soybean meal exports also experienced a slight increase, from 20.7 million to 21 million tonnes, “mainly due to the lower availability of the product in Argentina.” As a result, soybean meal exports will increase this year by almost 700 thousand tons compared to 2022.
Sources: Money Times/Datamar News