The 2021/22 Brazilian soybean gross harvest estimate has increased from 124.1 million tons to 125.6 million tons. In 2020/21 MY, production amounted to 139.4 million tons. This assessment was published by analysts of the agricultural agency Companhia Nacional de Abastecimento (Conab) in their report.
According to experts, in the 2021/22 season, oilseeds were harvested on an area of 41.5 million hectares, and in the 2020/21 season on 39.5 million hectares. Despite the recorded increase, the growth in Brazilian soybean production was hampered by drought, due to which farmers lost an impressive part of the crop.
As for the export estimate, Conab increased it by 2 million tons – up to 77.2 million tons – however, the current figure is still inferior to the result of 2020/21 MY (86.1 million tons).
Oilseed consumption is fixed by Brazilian analysts at 51.5 million tons (+2 million tons by 2020/21 MY), and ending stocks at 6.2 (-2.7) million tons.
Brazil is currently the largest soybean producer in the world. The tropical climate and relative availability of space make this region ideal for growing not only soybeans but also corn – however, these two crops are predominantly exported, covering most of the needs of the entire world market.