Brazil: Oilseeds and Products Update

For 2023/24, Post forecasts soybean planted area at 45.2 million hectares (ha), and production at 159 million metric tons (MMT), based on a yield of 3.52 mt per ha. Post revised up the 2022/23 planted area estimate by 300,000 ha to 43.8 million ha, and the production estimate by 2.5 MMT, to 155 MMT. Despite problematic weather conditions in Rio Grande do Sul, the soybean crop produced record yields in Mato Grosso. Soybean exports in 2022/23 are forecasted up 96 MMT, a significant increase on this season’s estimated shipments of 77 MMT, on greater supplies. Post forecasts a record 53.3 MMT of soybeans destined for processing in the 2023/24 MY. There is strong demand for Brazilian soybean products, especially oil.