AgResource raises forecast for soybean and corn production in Brazil in 2022/23
Maize (Corn)
Soybean
Brazil
Published Jun 1, 2023
Tridge summary
São Paulo, 05/31/2023 - AgResource Brasil, a subsidiary of the US company AgResource Company, has revised the country's soybean and corn production and export estimates for the 2022/23 season. For soybeans, the consultancy raised the Brazilian production forecast by 1.2 million tons, to 155.15 million tons, due to better yields provided by favorable conditions in the main States, Mato Grosso, Mato Grosso do Sul and Paraná, as well as the end of the harvest with record production.
Original content
By Leticia Pakulski In addition, AgResource Brasil started projecting that soybean exports from Brazil will reach 97 million tons, an increase of 500 thousand tons compared to the previous forecast, due to strong global demand and the impact of the drought in Argentina, which will that the country "look for Brazilian sources to meet internal needs". Still according to the consultancy, the government's decision to increase the biodiesel blend to 12% puts internal crushing at a level of 55.5 million tons, thus generating a stock/end-use ratio of 4.1%. With regard to corn, the consultancy raised the production forecast to 127.45 million tons, compared to 126.08 million tons of the initial projection. According to the consultancy, the Brazilian corn harvest is making good progress with favorable weather conditions in several producing regions of Brazil. The ...
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