Brazil: Oilseeds and Products Update

Post increased its forecast for soybean planted area to 45.4 million hectares for 2022/23, up previously from 45.2 million hectares. In the 2022/23 season Brazil is expected to expand its planted area for soybeans as producers are switching from corn. Post forecasts a record harvest at 162 million metric tons (MMT), increased from 159 MMT previously with planting at the fastest rate on record. Post increased the export forecast in 2023/24 to 100.2 MMT, an increase from 99.1 MMT. Post revised imports downwards due to ample supplies, now forecast at 200,000 metric tons (MT) for 2023/24. For 2023/24, Post revised the forecast for soybeans destined for processing upward to a record of 55.8 MMT based on strong demand for Brazilian soybean products, especially oil.