Brazil: Oilseeds and Products Update
Link to report:
Post revises down MY 2023/24 soybean production to 158.5 MMT due to poor weather outlooks resulting from El Niño, particularly in the Centre West states, which may affect final yields currently projected at 3.507 kg/ha. Post increases MY 2022/23 production estimate by three MMT, reaching 158 MMT, in the back of record high yields across most producing states. MY 2022/23 soybeans exports and crush are estimated at 102 MMT and 53.3 MMT, respectively, as a consequence of largely available supplies from 2022/23 harvest. Soybean meal and oil production are forecasted to increase during MY 2023/24 to meet increased domestic demand while exports are set to a challenging year with the prospects of Argentina’s resuming regular export levels of by-products.
