Despite the problems with fertilizers, Brazil is expected to increase its soybean area to 42.3 million hectares in the 2022/23 crop, up from 41 million hectares in the current record. As a result, the output is expected to reach 148.8 million tons. Céleres Consultancy expects a favorable crop for Brazilian farmers, due to currency exchange rate (devaluation of real) and the high international prices of the oilseed. Production, imports, and carry-over stocks will increase the domestic supply of soybeans to 152 million tons in 2023. About 48.4 million of this volume will be crushed in Brazil and 94.5 million tons will be exported. This year, exports will be at 78 million tons due to the drought in the South region. Brazil has also increased corn production. Céleres’ current forecast for corn production is 86 million tons in the off-season, below the initial potential of 92 million. Even with this reduction in the off-season, the total national volume will reach a record of 111 million tons according to the entity.
Sources: Folha de S. Paulo/ UDOP (*Translated by Ia Niani)