Brazil: Oilseeds and Products Update

Post increased its forecast for soybean planted area to 40.5 million hectares for 2021/22, up from 39 million hectares in 2020/21. Brazil continues to expand its area because of high domestic soybean prices. Post forecasts a record harvest at 145 million metric tons (MMT), with planting starting earlier this year. For 2020/21, Post maintained the production estimate of 137 MMT. Soybean exports in 2021/22 are forecast at 92 MMT, up from 2020/21 exports estimated at 85.3 MMT. With ample supplies, Post revised imports downward, now forecast at 400,000 metric tons (MT) for 2021/22. For 2021/22, Post revised the soybean processing forecast up to 47.5 MMT based on available supply. The crush estimate for 2020/21 is unchanged at 46.5 MMT, constrained by high domestic oil prices.