Brazil’s soybean exports to increase by 20% in 2023, soybean oil exports expected to fall by 30%

– Brazil’s soybean exports will reach 93 million tons in 2023, up from 77.2 million tons in 2022

——In 2023, Brazil’s soybean meal exports will reach 19 million tons, a year-on-year decrease of 3%

——In 2023, Brazil’s soybean oil export volume is expected to be 1.6 million tons, a year-on-year decrease of 30%

Foreign media reported on November 21: Consulting agency Safras & Mercado said that Brazil’s total soybean exports in 2023 (January to December) are expected to reach 93 million tons, up from 91.5 million tons forecast in July.

If this forecast materializes, it would be a 20% increase over the 2022 forecast of 77.2 million tonnes of exports.

Safras expects Brazil to crush 50 million tonnes of soybeans in 2023, up from a July forecast of 49.5 million and a 2 percent increase from 48.8 million in 2022.

Brazil’s soybean imports in 2023 are expected to be 100,000 tons, down 79% from 2022.

In 2023, the total supply of soybeans in Brazil is expected to be 157.898 million tons, a year-on-year increase of 19%; the total demand is expected to be 146.8 million tons, a year-on-year increase of 14%. Ending stocks are expected to surge 240% year-on-year, from 3.27 million tons to 11.098 million tons.

In terms of soybean products, Brazil’s soybean meal production is expected to be 38.43 million tons in 2023, a year-on-year increase of 2%; exports are expected to decline by 3% year-on-year to 19 million tons; domestic consumption is expected to be 19.4 million tons, an increase of 8% year-on-year. Inventories are expected to rise 2% year-on-year to 1.96 million tonnes.

Brazil’s soybean oil production is expected to increase by 3% to 10.15 million tons in 2023; exports are expected to be 1.6 million tons, down 30% year-on-year. Domestic consumption rose 9% year-on-year to 8.6 million tonnes. Use in the biodiesel industry will increase by 19% to 5 million tonnes. Ending stocks will fall 11% to 253,000 tonnes.