Brazil: Oilseeds and Products Update
Link to report:
Post maintains its forecast for soybean planted area at 38.5 million hectares (ha) for 2020/21, up from 36.9 million ha in 2019/20. Despite a drier than average start to planting, Post forecasts a record harvest at 131 million metric tons (MMT). Area expansion is expected based on unprecedented domestic soybean prices. Post revised up the production estimate for the 2019/20 season to 125.6 MMT. Soybean exports in 2020/21 are forecast at 85 MMT, up from 2019/20 exports estimated at 82 MMT. Due to the export boom, Post expects a significant uptick in imports, forecast at 500,000 MT for 2020/21, after an estimated 900,000 MT to be sourced in the current season by Brazil's crush industry. For the 2020/21 MY, Post revised the soybean processing forecast up to 45.5 MMT based on available supply. The crush estimate for 2019/20 is unchanged at 44 MMT, constrained by the scarcity of beans on the domestic market.
