Safras & Mercado raises projection for soybean exports from Brazil in 2023 to 94 million tons

SAO PAULO (Reuters) - Brazil, the global leader in soy exports, should ship 94 million tons of the grain in 2023, consultancy Safras & Mercado estimated on Friday, with an increase of 1 million tons in the estimate compared to the last projection, released in January. The expectation for the crushing of the oilseed also increased by 1 million, to 53 million tons. If confirmed, the volumes should represent increases of 19% in exports and 6% in processing compared to last year. The consultancy's estimates consider a record harvest of 152 million tons of soybeans for the 2022/23 harvest, an annual increase of 19%. "In relation to the 2023 season, the total soybean supply should increase by 15%, to 156.378 million tons. Total demand is projected by Safras at 150.5 million tons, growing 14% over the previous year. In this way, ending stocks are expected to rise 53%, from 3.85 million to 5.878 million tons," the consultancy said in a note. Regarding by-products, soybean meal production ...