Brazil, the world’s largest producer and exporter of soy, achieved a record harvest of 156 million tonnes, surpassing the May forecast of 155 million tonnes. Additionally, the projection for soybean grain exports in 2023 was revised to 97 million tonnes, compared to the previous estimate of 95.7 million tonnes. The forecast for soybean meal production in Brazil remained stable at 40.7 million tons for 2023, representing a 1.5 million-ton annual increase. Soybean meal exports from Brazil are expected to reach 21.9 million tons in 2023, up from the previous estimate of 21.4 million tons and a rise of 1.54 million tons compared to 2022. Abiove also raised the projection for soybean oil exports from Brazil in 2023 to 2.3 million tons, an increase of 150 thousand tons from the previous forecast but still below the 2.6 million tons exported last year.
Sources: Forbes/Datamar News