Brazilian consumption of soybean meal may grow for the 20th consecutive harvest

Published 2023년 9월 27일

Tridge summary

Brazil is projected to have a record harvest of 20.7 million tons of soybean meal in the 2023/24 season, with domestic consumption continuing to grow. The shipment of soybean meal is also expected to reach a record high of 22 million tons. Prices for soybean meal have been rising in the Brazilian market due to strong demand, although the increase has been limited by external factors such as the devaluation of the US dollar. Meanwhile, the United States is expected to have record consumption and exports of soybean meal in the upcoming season.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Domestic consumption of soybean meal could grow for the 20th consecutive harvest in Brazil, projected at a record 20.7 million tons in the 2023/24 season, 3.5% higher than the volume forecast for 2022/23. Shipment of the oil product could also be a record this harvest, projected at 22 million tons, above the 21.5 million tons estimated for 2022/23. The data is from the USDA report, released on September 12. According to Secex, from January to August 2023, Brazil exported 15.33 million tons of soybean meal, a record volume when compared to the same period in previous years. As for prices, they continue to rise in the Brazilian market, driven by firm demand in the national spot. On average for the regions monitored by Cepea, soybean meal prices increased by 1.1% between August and the first half of September. The increase in national prices, however, was limited by external devaluation, which, in turn, is linked to the ...

Source: Opresenterural