In the March report, Conab analysts lowered the forecast for soybean production in Brazil in 2022/23 MY by 1.5 million tons compared to last month’s estimate to 151.4 million tons, which are planned to be harvested from 43.5 million hectares (a season earlier – from 41.5 million hectares threshed 125.5 million tons).
The export forecast is lowered by 0.9 million tons per month, to 93 million tons, which is still a record figure. Domestic oil consumption is expected to be at the level of 56.6 million tons.
In addition, given the improvement in the expected yield, the overall forecast for corn production in Brazil in 2022/23 MY was raised by 0.9 million tons per month, to 124.7 million tons, which are expected to be harvested from 22 million hectares (in the previous season, 21.6 million tons were threshed from 113.1 million hectares). In particular, the forecast for the production of grain of the first harvest was increased by 300 thousand tons, to 26.8 million tons (from an area of 4.4 million hectares), and safriña corn – by 600 thousand tons, to 95.6 million tons (from 17 million hectares).
The export forecast for Brazilian grain has been raised by 1 million tonnes, to a record 48 million tonnes. The estimate of domestic consumption remains at the level of 79.4 million tons, while the final reserves are reduced by 0.8 million tons, to 7.3 million tons.
Source: Apk-Inform
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