Brazil: Abiove projects 153.6 million tons of soy this year

The Brazilian Association of Vegetable Oil Industries (Abiove) updated the projections for the 2023 soybean harvest and concluded the closing of 2022. The projections for the current cycle remain optimistic, pointing to a record production of 153.6 million tons of soy, mainly due to the recovery of the historical trend of productivity, in addition to the expansion of cultivated area. The Brazilian market can also register a new crushing record with 52.5 million tons. Soybean meal production stands at 40.2 million tons and soy oil at 10.7 million. Domestic consumption of soy oil was updated to 8.95 million tons, considering the 12% blend of biodiesel as of April. Exports The projections for this year's exports indicate the following volumes: i) soybeans in grain with 92.3 million tons, ii) soybean meal with 20.7 million, and iii) soybean oil with 2.15 million. The expected revenue from shipments of soy complex products may exceed US$ 66 billion this year, yet another historic ...