Brazil to harvest 148.5 million tonnes of soybeans in 2022/23, US says
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The largest global producer and exporter of oilseeds is expected to ship 95.7 million tonnes in the 2022/23 cycle, USDA estimates.
The new production figure also comes after the restoration of cultivated area, which is projected at 42.8 million hectares.
Brazil should record 148.5 million tonnes of soybean production in the 2022/23 crop, the US Department of Agriculture (USDA) estimated in a report on Tuesday, compared with 144. million, a good start to planting.
The new production figure comes ahead of a revision to the projected cultivated area of 42.8 million hectares, against an earlier estimate of 42.5 million.
According to the USDA, area expansions are expected to take place mainly in the Matopiba region, which includes Maranhão, Tocantins, Piave and Bahia, in addition to Mato Grosso.
“(The increase in) planted area assumes… continued high levels of domestic soybean prices. “Brazilian producers are well capitalized and while input prices are rising, profitability remains positive,” the attache said in the report.
The USDA representative also raised the outlook for exports. The largest global producer and exporter of oilseeds is expected to ship 95.7 million tonnes in the 2022/23 cycle, the USDA estimated, up from 92 million in the previous forecast.
The dollar trades for around five rises in 2023, based on “availability of adequate supply and growing expectation of a more favorable exchange rate” for buyers.
Last season, Brazil’s soybean exports were 77 million tonnes, pressured by a lower harvest volume of 126.6 million tonnes in 2021/22, according to USDA data.
In addition, Attaché still estimates the country will process 50 million tonnes of soybeans, a 1.7% increase over the 2021/2022 estimate.
The expected expansion is above the five-year average of growth and is based on strong demand for soy by-products, especially oil.
“The war between Russia and Ukraine was the deciding factor, which greatly reduced the availability of sunflower oil on the international market, thus favoring the prices of other vegetable oils, including soybeans,” he said.
Source: Reuters
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