Abiove releases updated soybean production and exportation forecast

The Brazilian Association of Vegetable Oil Industries (Abiove) revisited its predictions for the soy complex in 2022, updating the figures in a downward fashion. “The projection of the Brazilian soy crop suffered a new cut in numbers, reflecting the drought in the country’s southern region.” “Based on market intelligence from its associates, the new projection points to 135.8 million tons of soy produced this year, a 4.2 million ton decrease from the previous estimate,” the organization said in a note.

Abiove adds that grain exports will also be lower, at 86.9 million tonnes, compared to the 91.1 million tonnes previously forecast. The projected crushing remains unchanged at 48 million tons, accompanied by an increase of 200 thousand tons in the projected export of soybean bran, to 18.3 million tons.

Abiove reports that crushing was above the historical average for the period in December 2021, reaching 3.3 million tons for a representative sample of 84.5 percent of processing in Brazil. “We discovered that processing totaled 3.9 million tons in December 2021 after correcting this sample volume to understand the entire soy productive chain in the country.”

Given the outcome, Abiove increased its processing forecast to 47.0 million tons in 2021. It also increased its estimated production by 300,000 tons, to 138.3 million tons. As stated, the season’s final figures will be consolidated in February.

Source: Canal Rural

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https://www.canalrural.com.br/noticias/agricultura/soja/abiove-corta-previsao-da-producao-e-exportacao-de-soja/

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