Brazil's soybean crop cut to 160.3m mt in 2023/24, exports cut: Abiove

The Brazilian Association of Vegetable Oil Industries (Abiove) reduced its 2023/24 estimates for the country’s soybean output to 160.3 million mt from the 161.9 million mt projection from December 12, the association said on Friday.

The new projection is 1% higher than the 158.7 million mt from 2022/23, which itself was an upgrade from the previous 158.1 million mt estimate from the previous report.

Brazil’s soybean exports are now projected at 99.3 million mt in 2024, below the 100.2 million mt previous estimates.

The 2023 figure, on the other hand, was increased to 101.5 million mt, up by 1 million mt from the 100.5 million mt projection from December 12.

Brazil’s 2024 and 2023 soybean crush estimates remained unchanged at 54.5 million mt and 53.6 million mt respectively.

Soymeal

Abiove kept Brazil’s soymeal output projection unchanged at 41.7 million mt in 2024, and 41 million mt in 2023.
 
Abiove also raised its projection for next year’s soymeal exports to 21.7 million mt, from 21.6 million mt in previous estimates.

The 2023 figure rose to 22.2 million mt compared to the 22 million mt projected earlier this month.

Abiove lowered its 2023/24 soybean ending stocks forecast to 9.2 million mt while it expected it to reach 10.5 million mt in the previous report.

For 2022/23, the projection was also trimmed to 4.9 million mt compared to 5.3 million mt seen on December 12 and the 3.7 million mt from 2021/22.  

Soyoil

Brazil’s soyoil production remained forecast at 11 million mt, while the current year estimates declined to 10.8 million mt from the 10.9 million mt estimates seen on December 12.

The 2023 forecast was unchanged at 10.8 million mt.

Soyoil 2024 exports projection dropped to 1.45 million mt from the previous report’s 1.6 million mt forecast.

The current year projection remained stable at 2.35 million mt.  
2022/23 season.