Brazil to export a record 93.7m mt of soybeans; 21m mt of soymeal: Abiove

The Brazilian Association of Vegetable Oil Industries Abiove increased its estimate for Brazil’s 2022/23 soybean exports to 93.7 million mt from 92.3 million mt, the association said Wednesday.

The figure is a record volume and is 19% higher than last year’s 78.7 million mt.

According to Abiove, higher demand from China and other Asian countries is responsible for the boost in exports.

The association also increased its estimates for soymeal 2023 shipments to 21 million mt from the previous 20.7 million mt, following the lower availability of Argentina’s soymeal.

The figure is 3.4% higher than last year’s 20.3 million mt shipments.

Abiove kept all other projections unchanged.

Brazil’s soybean production was pegged at 153.6 million mt, an 18.2% increase from the last crop's 129.9 million mt and an all-time high.

The soybean crushing is expected at a record 52.5 million mt, up from the previous year’s 50.8 million mt.

Soymeal production remains projected at 40.2 million mt in 2023, up 4.1% from last year’s 39 million mt.

Brazil’s 2023 soyoil output forecast continues at 10.7 million mt, up from 9.9 million mt last year.

Domestic soyoil demand is expected at 8.9 million mt in 2023, above the previous year’s 7.1 million mt. 

Soyoil shipment estimates for 2023 remain at 2.1 million mt, down from last year’s 2.5 million mt.