Foreign media July 24: Consultancy Safras & Mercado on Friday forecast Brazil’s soybean exports to reach 91.5 million tons in 2023, up from 77.2 million tons in 2022, as soybean production is expected to be bumper.

The company’s analyst Luis Fernando Roque said that next year, Brazil’s soybean production will resume growth, and the yield per unit will hit a record high, which will help exports hit a record high. If the forecast materializes, Brazil will regain some of the export market share it lost to U.S. soybeans in the current year.

In addition, strong domestic processing profits in Brazil and the expected increase in biodiesel demand will also boost domestic soybean crushing.

Safras expects Brazil to crush 49.5 million tons of soybeans in 2023, up from 47.9 million tons in 2022.

Planting of new Brazilian beans will start in September. Safras expects soybean production in 2022/23 to reach 154.53 million tons, an increase of 18% year-on-year; total soybean demand is 144.6 million tons, an increase of 13% year-on-year, including domestic demand and export demand. If the forecast is confirmed, Brazil’s soybean ending stocks will surge 239%, from 2.93 million tons to 9.92 million tons.