Brazil could export a record 99 million tonnes of soybeans to foreign markets in 2024, 4% higher than the 95 million tonnes expected this year according to the forecast released by Safras&Mercado.
They estimate that oilseed processing in the South American region will reach 55 million tonnes next year (+3% by 2023), while soybean imports will remain unchanged at 150,000 tonnes.
In addition, ending stocks of the crop are expected to grow by 70% in 2024, from 8.1 million tonnes (2023) to 13.8 million tonnes.
As for finished products, soybean meal production is estimated at 42.3 million tonnes (+3% to 2023) and soybean oil at 11.1 million tonnes (2%). Exports of processed products are forecast at 21.5 million tonnes (-2%) and 2.2 million tonnes (-12%) respectively.
Safras&Mercado also estimates that carryover balances of meal will increase by 31% to 3.3 million tonnes, while soybean oil will decline by 21% to 295,000 tonnes.