A record 157.7 million tons (+ 32.1 million tons per year) of soybeans can be harvested by agricultural producers in Brazil at the end of the 2022/23 season. Such a forecast was published by specialists of the consulting agency StoneX, raising their estimate relative to the previous one by 3 million tons at once due to high yields and expansion of the area of oilseed harvesting.
Now the harvesting of soybeans in the country is entering the final stage, and in some regions, for example, the state of Mato Grosso, field work is almost over.
According to analysts of the national agricultural agency Companhia Nacional de Abastecimento (Conab), by the beginning of this month, soybean harvesting in Brazil is already 75% completed, although by April 1, 2022, the harvesting campaign was carried out on 81% of the area.
At the same time, StoneX experts note, the record harvest will lead to a significant increase in soybean exports – immediately by 17.3 million tons to 96 million tons in 2023.
The final reserves of oilseeds are estimated at 9 million tons (+ 5.8 million tons per year).
At the moment, Brazil is the largest soybean producer 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.