SAFRAS indicates soybean exports of 94 mln tons in 2023

Brazilian soybean exports are expected to total 94 mln tons in 2023, above the 78.73 mln estimated for 2022. The forecast is part of the Brazilian supply and demand survey, released by SAFRAS & Mercado, indicating an increase of 19% between one season and another. There was no change in the number from the previous report, released in March.

SAFRAS indicates the crush of 53 mln tons in 2023 and 50.89 mln tons in 2022, with an increase of 4% between one season and another. In March, the estimate was also 53 mln. SAFRAS indicates imports of 100,000 tons for 2023, down 76% from 2022.

For the 2023 season, the total soybean supply must increase by 17% to 158.717 mln tons. Total demand is projected by SAFRAS at 150.5 mln tons, growing 14% over the previous year. As a result, ending stocks are expected to increase by 132%, from 3.53 to 8.22 mln tons.

SAFRAS estimates the soymeal production at 40.82 mln tons in 2023, 5% higher. Exports should rise 8% to 22 mln tons, while domestic consumption is projected at 19 mln, up 1%. Stocks are expected to fall 11% to 1.38 mln tons.

Soyoil production is expected to increase by 9% to 10.8 mln tons. Brazil must export 2 mln tons, down 23%. Domestic consumption is expected to rise 25% to 9 mln tons. The use for biodiesel is expected to increase by 16% to 4.5 mln tons. Stockpiles would fall 25% to 530 thousand tons.

Tags: consumption, supply, demand, exports, Brazil, soybean, Production, forecast, soymeal