IMEA lowers Mato Grosso soybean production forecast for 2022/23

Foreign media news on December 13: The Mato Grosso Institute of Agricultural Economics (IMEA) released its fourth soybean production forecast for 2022 this week, adjusting production for 2021/22 and 2022/23. Among them, soybean production in 2021/22 remained at 41.27 million tons, an increase of 13.32% year-on-year, because the soybean area increased by 9.66%, and the yield per unit area was also higher than that of the previous year.

In terms of demand, as of November, Mato Grosso’s soybean export volume this year was 24.53 million tons, an increase of 0.21% year-on-year, and it also exceeded the annual export volume of 2021. The state’s soybean crush was 11.19 million tons, an increase of 3.95% year-on-year, reflecting the accelerated pace of soybean meal and soybean oil exports. Soybean inventories at the end of November were 750,000 tons, 29.71 percent lower than in the previous report.

As far as the 2022/23 season is concerned, due to weather problems in some parts of the state in November, soybean production has been reduced to 42.21 million tons, which is 1.49% lower than the previous estimate. Soybean exports from the state are projected at 25.63 million tons, down 1.00 percent from the October forecast. Ending stocks are estimated at 280,000 tons, 62.97 percent lower than earlier expected due to lower production.