Farmers in Brazil can harvest a record 157 million tons of soybeans at the end of the season-2022/23. This forecast was released by analysts of the Association of vegetable oil producers Abiove, increasing their estimate relative to the previous one by 1 million tons. It is noted that the current result exceeds the results of 2021/22 MY by more than 27 million tons.
In addition, experts also adjusted the export figure of South American oilseed for the current crop year – up to 98.5 million tons (+19.8 million tons per year).
The forecast of final stocks of oilseed, on the contrary, has been reduced – by 0.6 million tons to 6.7 million tons (+2.8 million tons).
At the same time, the estimate for Brazilian soybean processing in MY 2022/23 is maintained at 53.5 million tons, Abiove added.