Experts of the consulting agency StoneX Group lowered the forecast for soybean production in Brazil in 2022/23 MY by 1.2 million tons to 153.8 million tons, due to the adverse impact of weather conditions in December on oilseed crops in the states of Rio Grande do Sul and Paraná.
Nevertheless, the announced figure still significantly exceeds the result of the previous season (125.5 million tons).
Exports of Brazilian soybeans in 2022/23 MY were maintained at the level of 96 million tons (+ 16.8 million tons per year).
In addition, significant downward adjustments were made relative to the forecast for corn production in the country – by 1.6 million tons, to 128.7 million tons (+ 15.6 million tons per year). The forecast for grain exports was maintained at the level of 46 (+ 4.5) million tons.
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