Tridge summary
Abiove released updated statistics for the soybean complex in Brazil until October 2023 and projected numbers for 2024. In 2023, soybean grain production is expected to reach 158.1 million tons, with record-high volumes for processing and co-product production. The 2024 projections were adjusted due to climate impacts, with soybean production estimated at 161.9 million tons and an increase in the processing of soy derivatives, leading to expected exports generating US$64 billion in foreign exchange.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The Brazilian Association of Vegetable Oil Industries (Abiove) updated the monthly statistics for the soybean complex in Brazil until October 2023 and the projections for 2024. Data from January to October this year, verified from a representative sample of around 89.3% of oilseeds in the country, indicate that soybean grain production should reach 158.1 million tons, with a processing of 53. 6 million tons, confirming the highest volumes ever recorded in the entire historical series. New records are also observed for soybean co-products. According to the estimate, bran production will be 41 million tons and oil production will reach 10.8 million. For exports, the projections are: i) soybeans, 100.5 million tons; ii) soybean meal, 22 million tons; and iii) soybean oil, 2.35 million tons. The projected revenue from these exports in 2023 is US$67.1 billion. Harvest 2024 Abiove's projections for 2024 were adjusted, mainly due to the impacts of the climate on crops. Even so, the ...
Source: Opresenterural
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