Farmers in Brazil can harvest 156 million tons of soybeans in the season-2022/23 – this will be a new record for the country. This forecast was announced by analysts of the Association of vegetable oil producers Abiove, increasing their estimate relative to the previous one by 0.5 million tons. It is noted that last agricultural year 129.9 million tons of oilseeds were threshed.
In addition, experts made upward adjustments to soybean exports from the South American region to 97.5 million tons (+0.5 million tons to the June forecast) against 78.7 million tons in MY 2021/22.
The estimate of oilseed processing volumes in July increased by 0.3 million tons to 53.5 million tons (50.9 million tons a season earlier). Meanwhile, soybean meal consumption is expected at 18.1 million tons (18.7 million tons) and oil at 8.7 million tons (7.3 million tons).
Crop carryover is estimated at 7.3 million tons (+0.3 million tons in the previous forecast), up from 3.9 million tons in MY 2021/22.