According to StoneX on Wednesday (01), Brazil’s soy production in 2022–2023 is projected to reach a record 154.66 million tons, increasing from the 154.21 million tons first predicted. If confirmed, soy production will rise by 21% from the seasons of 2021–2022, when crops in the South suffered significant damage. While the projection for domestic demand is currently 54 million tons, up from 53.5 million tons in the last survey, it is still subject to change. The forecast for exports was unchanged at 96 million tons. The expectation for domestic demand is for a rise, but the size of this variation will depend on elements such as the amount of biodiesel blended in Brazil and crop losses in Argentina, according to StoneX market intelligence analyst Ana Luiza Lodi.
Sources: Reuters/Money Times (*Translated by Ia Niani)