CONAB forecasts Brazilian soybean production at 122.4 million tons, down 11.4% year-on-year

– Soybean exports are expected to fall to 77 million tonnes

Foreign media, April 7 news: Brazil’s National Commodities Supply Corporation (CONAB) released monthly supply and demand data on Thursday, predicting Brazil’s soybean production in 2021/22 to 122.4 million tons, down 340,000 tons from the previous month, and a decrease from the previous year’s output 11.4%.

The decline in soybean yields was partially offset by higher plantings, the report said. CONAB estimates Brazil’s soybean plantings at 40.8 million hectares, up 1.6 million hectares or 4.1 percent from the previous year.

This month, CONAB lowered Brazil’s soybean exports to 77 million tons, down from a forecast of 80.16 million tons last month, as the industry focuses more on crushing soybeans domestically and exporting soybean oil.

Last month, the U.S. Department of Agriculture lowered Brazil’s soybean output by 7 million tons to 127 million tons. Market analysts expected the U.S. Department of Agriculture to further cut Brazil’s soybean output on Friday.