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According to Reuters, oilseed crushers group Abiove has predicted that Brazil’s soybean crop will grow to 152.6 million tonnes in 2023, with a year-over-year increase of 24 million tonnes. This figure is slightly lower than Abiove’s previous 2023 estimate, but it is still a record output due to growers adding soybean hectares after severe drought hit southern Brazil in 2022.
The US Department of Agriculture’s Foreign Agricultural Service (FAS) forecasts that Brazilian farmers will plant 43.3 million hectares of soybeans in marketing year 2022-23, compared to 40.9 million hectares in 2021-22. The FAS estimate for the 2022-23 soybean crop is 153 million tonnes.
As the world’s largest soybean producer and exporter, Brazil is expected to ship a record 92 million tonnes of the oilseed this year, a 16.6% increase over the previous season, although this is slightly below Abiove’s earlier forecast of 93 million. Abiove, which represents global firms such as Cargill, Bunge, ADM, Louis Dreyfus Co. and Cofco, also said that soybean crushing in Brazil should total a record 52.5 million tonnes this season, up from 50.4 million in 2022.