A huge increase in shipping in 2023 could be the result of the harvest of the largest soybean crop in Brazil’s history. Not as quickly, domestic soybean output will also increase. Brazil should export 94 million tons of soybeans in 2023, up from the 78.73 million tons forecast for 2022. According to SAFRAS, crushing will total 53 million tons in 2023 compared to 50.89 million tons in 2022, an increase of 4%. The total soybean supply is expected to grow 17% to 159.341 million tons in 2023. The total demand is expected to reach 150.5 million tons, up 14% from the previous year. The estimated increase in ending stocks is 150%, from 3.53 million to 8.84 million tons.
Source: Safras & Mercado (*Translated by Ia Niani)