Brazil: Overview of soybean market in the week in Mato Grosso as of 03/03/2023

Updated Mar 4, 2023
The United States Department of Agriculture released the first balance of the 23/24 soybean crop, informing an increase of 0.46% in the harvested area compared to the previous crop, projected at 35.09 million hectares. With this increase, a new production record estimated at 122.74 million tons is expected, an increase of 5.47% compared to current results.
American domestic consumption also grew by 3.66%, around 66.30 million tons, compared to the past harvest. This is due to the growing volume of crushing, which is reflected in the greater demand for soy by-products. In stocks, there was also an increase in volume of 28.92%, around 7.89 million tons, compared to the 22/23 harvest, the highest result of the last three harvests. The drop in average soybean prices in Brazil is already 15.71% lower than at the same time last year. This is explained by the record production and the harvests are proceeding normally, not to mention the drop in international prices and the negative premiums due to the increase in supply due to the record harvest in the country, added to the uncertainty of Chinese imports for this year. It is worth mentioning that in 2022, at the same time, a drop in production was already confirmed for the 21/22 harvest. This week the soybean market in Mato Grosso continued to follow the pace of price reduction, as shown ...
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