ABIOVE raises Brazil’s soybean production and export forecasts in 2022

Foreign media news on December 15: The Brazilian Vegetable Oil Industry Association (ABIOVE) released a report this week, raising the forecast of Brazilian soybean production and exports in 2022, reflecting the current market’s optimistic outlook for Brazilian soybean production.

ABIOVE expects Brazil’s soybean production in 2022 to reach a record 144.8 million tons, an increase of 700,000 tons from November’s forecast. Due to increased soybean production, Brazil’s soybean exports in 2022 are expected to reach a record 93.4 million tons, an increase of 1.3 million tons from the November forecast of 92.1 million tons.

In Brazil, soybean planting has been completed in most areas, and farmers in Mato Grosso State will start harvesting soybeans at the end of this month.

If ABIOVE’s forecast becomes a reality, soybean production in 2022 will increase by about 5% year-on-year, and last year’s production will also set a record high. ABIOVE predicts that soybean exports in 2022 will increase by 9% over the previous year.