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Soy: opinions divided over revised estimates in Brazil

August 22, 2023 at 12:01 PM , Der AUDITOR
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BRASÍLIA/BRUSSELS. Revised estimates state that Brazil produced a record soybean crop of 157 million mt in 2022/2023. Exports are also highly encouraging and farmers are keen to start planting the new crop. Yet, analysts have sounded a cautious note.

Export revenues to hit USD 67 billion

Brazil’s Association of Vegetable Oil Industries (ABIOVE) has again revised the production estimates for the country’s soybean production upwards for 2023. While the Association still estimated production at 156.5 million mt in July, projections now stand at 157 million mt. This is a 20% rise on the weather-beaten 130.5 million mt produced in 2022. Soybean processing reached 23.8 million mt in January-June, which is only 5% up on the same period last year. At 4.364 million mt, soybean processing ranged 2% lower in Ju

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