About 153.6 million tons of soybeans will be able to be harvested by Brazilian agricultural producers at the end of the 2022/23 season, according to experts from the national agricultural agency Companhia Nacional de Abastecimento (Conab). They increased their new estimate of the gross harvest of oilseeds by 2.2 million tons compared to the previous one.
Also, the forecast for the export of Brazilian oilseeds in the current season has been significantly increased – by 1.4 million tons, to 6.7 million tons. The forecast of ending stocks was reduced by 0.4 million tons, to 56.2 million tons.
Recall that the harvesting campaign of soybeans in Brazil is gradually approaching its final phase, but the pace of spring field work is still extremely slow. According to Conab, by April 8, the harvest took place on an area of 78% of the plan (+3% per week), which is inferior to the results of the previous year at the reporting date (85%).
At the moment, Brazil is the largest producer of soybeans in the world. The tropical climate and the relative availability of space make this region ideal for growing not only soybeans, but also corn – however, these two crops mainly go to foreign markets, covering most of the needs of the entire world market.