Brazil’s soybean output rise to 157mt; exports at 98.5mt: Abiove

Brazil is expected to export a record 98.5 million tonnes of soybeans in 2023, 1 million tonnes above the July forecast, estimated this Thursday, August 10, the Brazilian Association of Vegetable Oil Industries (Abiove), slightly tilting upwards its projection of the country’s harvest.

The harvest at the largest global producer and exporter of the oilseed is now estimated at a historic 157 million tonnes, 500,000 tonnes higher than last month’s figure.

Processing rates, also the largest ever seen in Brazil, were maintained at 53.5 million tonnes in 2023.

The soybean sector, Brazil’s main export product, has also benefited this year from good demand pegged to its standing in the international market; this year, Brazil sold soy to countries that are major producers, such as Argentina and the United States.

The chart below shows the volume of Brazilian soybean and soymeal exports, measured in tonnes, between Jan 2019 and Jun 2026, according to the DataLiner intelligence service.

Brazilian soy exports | Jan 2019 – Jun 2026 | WTMT

Source: DataLiner (click here to request a demo)

Abiove, which brings together the leading soy trading companies and processors in Brazil, estimated that the combined exports of soybeans, soymeal, and soy oil could generate a record US$66.58 billion for the country in 2023 vis-a-vis US$60.9 billion in 2022.

This revenue leap correlates to higher export volumes since prices are expected to drop compared to last year.

Brazil’s soy crop totaled around 130 million tonnes last year, while exports totaled 78.7 million tonnes and processed 50.9 million tonnes.

Source: Forbes

To read the original text, please visit: https://forbes.com.br/forbesagro/2023/08/abiove-eleva-previsao-de-exportacao-de-soja-do-brasil-apos-ver-safra-maior/

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