Brazil to increase soybean exports in the second half of 2023 – forecast

Brazil can sell about 34 mln tonnes of soybeans to the foreign markets in the second half of 2023, which is 8 mln tonnes higher than in the same period last year. This forecast was published by the specialists of the Hamburg-based analytical agency OilWorld (Germany) in their report.

“The demand for Brazilian soybeans will remain high amid the significant reduction of the oilseed harvest in Argentina,” the report says.

At the same time, the experts note that the high supply of soybeans in Brazil will significantly increase the competition with the U.S. on the world market when the new crop of U.S. soybeans arrives starting from September this year.

“Although, the strengthening of the Brazilian real against the US dollar, which started in March this year, has somewhat limited the competitiveness of the Brazilian oilseed,” – analysts said.

In general, in the current calendar year, Brazil can export 96.3 mln tonnes of soybeans, which is 17-18 mln tonnes more than in 2022.

Tags: soybean, export, Brazil