News

Brazil may reach a record in soybean exports

Oil & Fats
Soybean
Brazil
Market & Price Trends
Published Nov 29, 2023

Tridge summary

Brazil's soybean exports are expected to reach a record level of 99.8 million tons this calendar year, according to German analytical agency Oil World. This forecast is higher than last year's numbers, and analysts also predict an increase in domestic soybean processing. However, despite these positive export predictions, local analysts have downgraded their forecasts for oilseed production due to low rainfall and high temperatures in key production regions.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

It is possible that the final result will be achieved this month, but its preliminary results will be summed up only after its completion. Analysts also provided a forecast for processing in the country - 54.5 million tons, or 3.6 million higher than last year. During January-October, 45.88 million were processed. Estimates were increased due to expected growth in domestic demand for soybean oil among the biofuels industry. The European Union has set a new record for oilseed processing The estimate for Brazilian soybean exports turned out to be unexpected against the backdrop of a decline in crop yields predicted by several local analysts at once. In particular, the Safras&Mercado agency downgraded the prospects for oilseed production in the country in the 2023-24 agricultural year (for Brazilian soybeans begins in April) by 1.9 million to 161.4 million tons. However, this is still a high figure, which is more than two percent higher than the level of the last agricultural year. ...
Source: Rosng
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