WASHINGTON, Oct. 19: Brazilian farmers continue to expand their acreage as domestic soybean prices hit record highs, according to the latest Counselor’s report released by the U.S. Department of Agriculture’s Foreign Agricultural Service. The counselor expects Brazil’s soybean production in 2022/23 to reach a record 148.5 million tonnes, up from an earlier forecast of 144 million tonnes. Farmers are planting soybeans ahead of schedule this year.

The counselor raised Brazil’s soybean export forecast for 2022/23 from 92 million to 95.7 million. With ample supplies, the Counselor lowered his import forecast and now forecasts Brazil’s soybean imports in 2022/23 at 300,000 tonnes. The forecast for soybean processing in 2022/23 was raised to a record 50 million tonnes due to strong overseas demand for Brazilian soybean products, especially soybean oil.