SAFRAS increases Brazilian soybean exports to 94 mln tons in 2023

Published 2023년 3월 15일

Tridge summary

Due to arguably unfavorable weather conditions impacting Argentine production, Brazil is geared up for a more significant role in the global market by ramping up its soybean, meal, and oil exports in 2023. SAFRAS & Mercado forecasts a 19% increase in soybean exports to 94 million tons, alongside a 6% rise in crush volume to 53 million tons. However, imports are anticipated to drop by 76% in 2023 compared to the previous year. The total soybean supply is projected to grow by 15% to 156.378 million tons, while demand is expected to reach 150.5 million tons, resulting in a notable 53% increase in ending stocks. Additionally, soymeal and soyoil production are expected to see growth, albeit with minor variations in export and domestic consumption levels, contributing to a diverse and resilient agricultural sector for Brazil in the face of global market fluctuations.

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

Original content

Brazil must export more soybeans, meal, and oil in 2023, as a way to compensate for the absence of a large part of the Argentine production losses, induced by the unfavorable climate. The country must gain international market share in the exports of soybeans, meal, and oil, which also boosts the crush. Despite demand growth, the super crop must lead to an increase in stocks compared to 2022. Brazilian soybean exports must total 94 mln tons in 2023, above the 78.7 mln indicated for 2022. The forecast is part of the Brazilian supply and demand projection, released by SAFRAS & Mercado, and indicates an increase of 19% between one season and another. In the previous forecast, in January, the number was 93 mln. SAFRAS indicates the crush at 53 mln tons in 2023 and 50.07 mln tons in 2022, with an increase of 6% between one season and another. In January, the estimate was 52 mln tons. SAFRAS indicates imports of 100 thousand tons for 2023, down 76% from 2022. As for the 2023 season, the ...

Source: UkrAgroConsult