StoneX sees Brazilian soybean production at 155 million tonnes in 2022/23
Foreign media news on December 1: Consulting firm StoneX released a report on Thursday that Brazil’s 2022/23 soybean production is expected to be higher than earlier expected because of an increase in planted area.
The company expects Brazil’s soybean production in 2022/23 to be 155 million tons, up from 154.35 million tons estimated last month. If the forecast is confirmed, it would be 21.9 percent higher than the previous year’s drought-reduced output.
Ana Lodi, an analyst at the firm, said the outlook for Brazilian soybeans is quite positive, even with below-normal rainfall in many areas. The weather in the coming weeks and months will still be very important in determining the actual harvest.
If the production reaches 150 million tons, it will help to increase the space for export and crushing. Among them, Brazil’s soybean exports in 2022/23 are expected to reach 96 million tons.
However, ending stocks for 2021/22 are very limited due to adjustments for both domestic consumption and exports for the year. StoneX currently expects soybean exports in 2021/22 to be 79.5 million tonnes.