StoneX raises Brazil soybean production forecast for 2022/23
Foreign media, September 1 news: Consulting firm StoneX released a research report on Thursday that Brazil’s soybean production in 2022/23 is expected to be 153.6 million tons, more than 1 million tons higher than the first forecast last month.
For comparison, Datagro forecasts Brazil’s soybean production in 2022/23 to reach a record 151.8 million tonnes, up 20% year-on-year.
StoneX this month adjusted soybean yield forecasts for several states, including Goias, Maranhão, Tocantins, Piauí and Pará.
Exports may be as high as 100 million tons
With record production, demand will also grow, with exports likely to reach 100 million tonnes, analysts at the company said.
Ending stocks will increase slightly to 7.48 million tons.
Soybean planting in Brazil has not yet started. Markets are keeping a close eye on the weather as La Niña, a weather phenomenon that could affect rainfall, is likely for the third year in a row. A drought in southern Brazil last year reduced soybean production.