ANEC analysts expect Brazilian soybean exports to rise to 2023-101 million tonnes in 103, up from 77,8 million tonnes last year, thanks to a large domestic crop oilseed.
However, experts point out that potentially lower production could limit export potential next year. Analysts at Safras&Mercado have lowered their forecast for Brazilian soy production in the 2023/24 marketing year by 1,9 million tons compared to the previous figure due to unfavorable weather conditions - to 161,4 million tons, which is still the largest harvest in the history of the country and would exceed the result for the 2022/23 financial year by 2,2%.
It should also be noted that the Soybean exports from Brazil in November this year is expected to be 4,8-5,2 million tonnes. So, in the first 11 months of 2023, exports of this oilseed will reach 97,8-98,2 million tons.
Source: APKinform (Ukraine)