Foreign media, January 26 news: Brazilian consultancy Safras & Mercado released a report on Wednesday, lowering its forecast for Brazil’s soybean exports by 4.5 million tons.
The company expects Brazil to export 85.5 million tonnes of soybeans in 2022, down 1% from 2021 and below an earlier forecast of 90 million tonnes, as soybean production in southern Brazil was damaged by drought.
The report noted that export targets were lowered due to a prolonged drought in southern Brazil, which hurt production.
Brazil’s soybean crush is forecast at 47.5 million tons in 2022, up from 46.5 million tons in 2021.
Soybean imports in 2022 are estimated at 1 million tonnes, up 16% year-on-year.
Soybean ending stocks at the end of 2022 are expected to be 2.53 million tons, down 56% from 5.8 million tons at the end of 2021.