Brazil: Oilseeds and Products Update

For 2021/22, Post forecasts soybean planted area at 40.3 million hectares (ha), and production at 143.5 million metric tons (MMT), based on a yield of 3.56 mt per ha. Post revised up 2020/21 planted area estimate by 300,000 ha to 38.8 million ha, and the production estimate by 3 MMT, to a record-setting 137 MMT. Despite much handwringing over the delayed planting due to drought and then delayed harvest due to too much rain, Brazilian farmers collected their largest soybean harvest yet. Soybean exports in the 2021/22 are forecast at 94 MMT, shattering this season’s expected record shipments of 87 MMT. Post forecasts 47.7 MMT of soybeans destined for processing in the 2021/22 MY, an increase of just over two percent on the 2020/21 estimate of 46.5 MMT. Soybean crush was lowered for the current season, owing to the slack in domestic demand for soybean oil.