Brazil: Oilseeds and Products Update

Post increased its forecast for soybean planted area to 42.8 million hectares for 2021/22, up previously from 42.5 million hectares. Brazil continues to expand its area due to record high domestic soybean prices. Post forecasts a record harvest at 148.5 million metric tons (MMT), increased from 144 MMT previously with planting starting earlier this year as well. Post increased the export forecast in 2022/223 to 95.7 MMT, an increase from 92 MMT. Post revised imports downwards due to ample supplies, now forecast at 300,000 metric tons (MT) for 2022/23. For 2022/23, Post revised the forecast for soybeans destined for processing upward to a record of 50 MMT based on strong demand for Brazilian soybean products, especially oil.