Consulting firm StoneX released a research report on Thursday that Brazil’s soybean production in 2022/23 is expected to be 153.6 million tons, more than 1 million tons higher than the first forecast last month. For comparison, Datagro forecasts a record 151.8 million tonnes of soybeans in Brazil in 2022/23, up 20% year-on-year. StoneX this month adjusted soybean yield forecasts for several states, including Goias, Maranhão, Tocantins, Piauí and Pará. Exports could be as high as 100 million tonnes, which analysts said could reach 100 million tonnes as demand grows with record production. Ending stocks will rise slightly to 7.48 million tons. Soybean planting in Brazil has not yet started. Markets are keeping a close eye on the weather as La Niña, a weather phenomenon that could affect rainfall, is likely for the third year in a row. Drought in southern Brazil last year reduced soybean production.
