Brazil’s Abiove raises 2023 soybean crop, export view

Brazil’s soybean output and exports in 2023 will be higher than expected, Brazilian oilseed lobby Abiove said on Wednesday (March 22), as local farmers harvest a bumper crop, Chinese demand remains strong and Argentine growers grapple with weather issues.

Abiove now estimates Brazil’s soy production at a record 153.6 million tonnes, 1 million more than the last projection in January.

The new forecast comes as farmers have reaped more than 50% of the country’s fields, and shows an 18.2% increase if compared to the previous cycle, when the crop was hit by a drought in southern states.

“The projections for the current cycle remain optimistic, pointing to a record production of 153.6 million tonnes of soybeans, mainly due to the recovery of the historical trend in yields, in addition to the expansion of the cultivated area,” Abiove said in a statement.

The forecast for Brazilian soybean exports in 2023 has also been increased by 300,000 tonnes to a record 92.3 million tonnes, Abiove said, 17.2% above the 78.7 million tonnes seen in 2022.

See below Brazil’s exports of soybeans from Jan 2019 to Jan 2023, according to the DataLiner business intelligence service.

Soybean exports from Brazil | Jan 2019 – Jan 2023 | WTMT

Source: DataLiner (click here to request a demo)

Abiove kept the projection for domestic soy processing at the unprecedented level of 52.5 million tonnes for 2023, 1.6 million-tonne more than in 2022.

It also raised the expectation for soyoil and soymeal exports as Argentina, the world’s biggest supplier of both, faces a sharp drought-related soy supply reduction, paving the way for Brazil to sell more byproducts.

Abiove said soyoil exports may reach 2.15 million tonnes, up from 1.75 million tonnes in January’s projection. For soymeal, Abiove raised the forecast for exports to 20.7 million tonnes, compared with 20 million tonnes.

Source: Nasdaq 

To read the original report, please visit: https://www.nasdaq.com/articles/brazils-abiove-raises-2023-soybean-crop-export-view

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