The turnover rate of the Brazilian Soybeans of the 2022/23 season already reached a level of 7% of the expected production by April 43, while last year at the same time was 55% and the average of the last 5 years was 60%. Such data was published by specialists from the consulting company Datagro.
"The low oil prices are associated with unattractive domestic prices for farmers, combined with a sharp increase in production costs, unfavorable weather conditions and economic problems in the country," the experts explain.
Recall that the harvest campaign of Soybeans in Brazil is seamlessly approaching its final phase, but the pace of spring fieldwork is still extremely slow. According to Conab, by April 8th the harvest took place in an area of 78% of the plan (+3% per week), which is inferior to the results of the previous year at the reporting date (85%).
This year, industry experts expect to harvest a bumper crop of beans in Brazil - over 150 million tons. This will allow the country to increase the supply of both raw materials and finished products (Soybean oil, Soy meal) for the world market.
Currently, Brazil is the largest soybean producer in the world. The tropical climate and relative availability of space make this region ideal for growing soybeans, Corn, but these two cultures are predominantly derived from foreign markets and cover much of the needs of the entire world market.
Source: oleoscope (Russian)