Brazil: Oilseeds and Products Update

For 2022/23, Post forecasts soybean planted area at 42.5 million hectares (ha), and production at 144 million metric tons (MMT), based on a yield of 3.39 mt per ha. The estimate was raised, as Brazil has managed to secure sufficient fertilizer supplies. Post revised up the 2021/22 planted area estimate by 200,000 ha to 40.9 million ha, and the production estimate by 1.8 MMT, to 126.6 MMT. Despite problematic weather conditions, the soybean crop performed slightly better than expected. Soybean exports in the 2022/23 are forecast at 92 MMT, a significant increase on this season’s estimated shipments of 77 MMT, on greater supplies. Post forecasts a record 49.15 MMT of soybeans destined for processing in the 2022/23 MY, an increase of about two percent on the 2021/22 estimate of 48.25 MMT. There is strong demand for Brazilian soybean products, especially oil.