Adobe Stock
Adobe Stock

Soyabean exports from Brazil are forecast to reach a record 97M tonnes in 2022/23, according to latest estimates by the Brazilian Association of Vegetable Oil Industries (Abiove) reported by AgriCensus.

Last month’s estimate for Brazilian shipments was 95.7M tonnes and the new estimate was 23.2% higher than the previous year’s total of 78.7M tonnes, the 27 June report said.

The association also said it expected Brazilian soyabean production to reach a record level of 156M tonnes in 2022/23, which would be an increase of 1M tonnes compared to its earlier estimate and 20% higher than the previous year.

Abiove previously estimated Brazil’s production at 155M tonnes, while in 2021/22 the South American country harvested 129.9M tonnes.

Soyabean crushing was estimated at a record level of 53.2M tonnes, an increase of 200,000 tonnes compared to the previous report and 4.5% higher than 2022’s total of 50.9M tonnes.

From January to April, soyabean crushing in Brazil totalled 16.6M tonnes, an increase of 3.5% compared to the 16.1M tonnes crushed in the first four months of 2022.

Abiove reduced its forecast for ending stocks from the previous estimate of 8.1M tonnes to 7.6M tonnes, while in 2022 ending stocks had totalled 3.9M tonnes.

The association increased its estimates for soyabean meal production from 40.6M tonnes to a record 40.7M tonnes, which would be an increase of 3.8% compared to the previous year’s total of 39.2M tonnes.

By the end of the year, soyabean meal exports were expected to reach an all-time high of 21.9M tonnes, compared to Abiove’s previous projection of 21.4M tonnes and 7.8% higher than 2022’s total of 20.3M tonnes.

Brazil’s 2023 soyabean oil export estimates increased from the previous forecast of 2.1M tonnes to 2.3M tonnes while the production forecast remained unchanged at 10.7M tonnes.

In 2022, Brazil exported 2.6M tonnes of soyabean oil and produced 9.9M tonnes.

Domestic soyabean oil demand was forecast at 8.8M tonnes, below the previous estimate of 8.9M tonnes but 20.3% above last year’s total of 7.3M tonnes.

Abiove reduced its forecast for soyabean oil ending stocks to 158,000 tonnes compared to the previous estimate of 324,000 tonnes. In 2022, ending stocks reached 508,000 tonnes.