Brazil will export almost 100 mln tons of soybeans in 2023 – forecast

This year, Brazilian oil extraction companies can process about 54.5 mln tons of soybeans, which is 7% higher than in 2022 (50.9 mln tons). This forecast was published by the analysts of OilWorld (Germany). According to the experts, in November-December, the country will process about 8.6 mln tonnes of the oilseed, while the figure for 10 months of the current year is 45.88 mln tonnes.

German analysts also expect the export volumes of the South American oilseed to increase to 99.8 mln tonnes in 2023. In January-October, Brazil has already shipped 92.78 mln tonnes of soybeans to the foreign markets.

“According to the results of the current year, the volumes of processing and export of Brazilian soybeans will reach the new record levels,” – OilWorld (Germany) said.

They added that next year the oilseed processing may further increase amid the expected growth of demand for soybean oil in the domestic market from the biofuel sector.

“At the same time, the export supply of soybeans may decrease next year, which will depend mainly on the harvest volumes,” the experts summarized.

Tags: Brazil, soybean, export