According to data from StoneX, Brazil’s soybean exports are forecast at 80 million tons, dropping by 4 million tons when compared to the last forecast, due to the reduction of national production, and the drought. Shipments would still be below 2021’s record of 86.1 million tons. StoneX further revised downward the country’s soybean consumption forecast to 48.2 million tons from 47.5 million in 2021. Final outputs in 2022 are now estimated at 2.2 million tons, down from 3.26 million in 2021. In case of losses, StoneX still sees a potential record corn crop, since the largest part of the Brazilian production will be harvested in winter. Total production is forecast at 116 million tons, compared to 86.63 million in the previous cycle. Ending stocks for the 2021/22 season are now estimated at 9.5 million tons, compared to 7.92 million in the last season.
Sources: Reuters/Notícias Agrícolas (*Translated by Ia Niani)