Brazil Is Expected to Register the Highest Production of Soybean in 2023

Brazil, the world’s largest soybean producer, is expected to reach a record production in 2023. The expected volume is around 153M tons, of which 100M tons are forecasted to be exported. However, many traders are concerned that this volume could be oversupplied, which could significantly decrease the market price. The drought in Argentina, the world’s third-largest producer, will shape market conditions, and if the Argentinian crop is as expected, Brazil may fill Argentina’s export market for 2023.