Foreign media August 2 news: Consulting firm StoneX released a report predicting that Brazil’s soybean production in 2022/23 will reach a record 152.57 million tons, as the sown area will increase by 3.9%, and the average yield will recover to 3.56 tons / hectare.
Brazilian farmers will start planting the 2022/2023 soybeans in September.
Despite high production costs, soybean acreage is expected to increase in all regions of Brazil, continuing the momentum of recent years, StoneX analyst Ana Luis Lodi said.
While Brazil’s soybean production is expected to exceed 150 million tons, demand will also be stronger.
Lodi said that although there are some uncertainties in the market, such as the possibility of a global economic recession, Brazil’s soybean exports in 2022/23 may reach 100 million tons. For comparison, Brazil’s soybean exports in 2021/22 are estimated at 77 million tonnes.
Lodi expects Brazil’s domestic soybean consumption to increase to 52 million tons in 2022/23, up from 49 million tons in the previous year.
The soybean ending inventory is expected to be 6.5 million tons, an increase of more than 1 million tons over the previous year.
Disclaimer: This article is for reference only, without verification, is not responsible for the transaction results, and please bear the responsibility.