Soy Output to Reach Record High in Brazil for 2023/24-Grain Cycle

Key Highlights :

1. Brazilian farmers are expected to have a record soy output in the new season as they are sowing the oilseed over a larger area

2. Brazilian soy growers are expected to expand the planted area to 45.1 million hectares from 44 million hectares, a 2.5% rise from last season

3. Brazilian farmers are expected to reap an estimated 119.404 million tons of total corn, a 9.5% drop from last season, reflecting a smaller planted area and the initial effects of the El Niño weather pattern

4. Brazilian farmers are expected to produce 162 million metric tons of soybeans, 4.8% more than last year, Conab said in the first forecast report for the 2023/24-grain cycle

5. Brazilian soybean exports are expected to total at least 99 million tons in 2024, up from 98 million in 2023, representing a 1% increase between seasons

6. The forecast is part of Safras & Mercado’s Brazilian supply and demand overview

7. The consultancy predicts a 4% increase in soybean crushing, from 53 million tons in 2023 to 55 million in 2024

8. As for imports, a drop from 130,000 to 110,000 tons is expected between the two seasons

9. Regarding the total oilseed supply, the projection indicates a 6% increase, reaching 168.871 million tons

10. Total demand is projected at 157.7 million tons, a 2% increase from the previous year. Final stocks are expected to rise by 103%, from 5.5 million to 11.2 million tons

11. Soybean meal production is forecasted at 42.3 million tons in 2024, a 4% increase

12. Exports are expected to decrease by 2% to 21.5 million tons, while domestic consumption is projected to rise by 8%, reaching 20 million tons

13. Stocks are trending upwards, with a 36% increase to 3.03 million tons

14. The consultancy also indicates a 3% increase in soybean oil production, totaling 11.1 million tons

15. Brazil is set to export 2.05 million tons, marking a 9% decline. Domestic consumption is expected to rise by 5% to 9 million tons, with a 13% increase to 4.5 million tons for biodiesel use. Stock forecasts show a 13% increase to 615,000 tons.

     Brazilian farmers are expecting a record soy output for the 2023/24-grain cycle as they are sowing the oilseed over a larger area, the government’s crop agency Conab said this week. The forecast report indicates that farmers in the food powerhouse, who have already began planting their new soy and first corn, are expected to produce 162 million metric tons of soybeans, a 4.8% increase from last year.

     The planted area for soybeans is expected to expand to 45.1 million hectares from 44 million hectares, a 2.5% rise from last season. On the other hand, the planted area for corn is expected to be reduced by 6.7% and 4.5% for first and second corn respectively, due to the unattractive prices of corn in comparison to soybeans. The El Niño weather pattern is already making its presence felt in Brazil’s corn outlook, with heavy rains delaying first corn planting in Rio Grande do Sul, Brazil’s southernmost state.

     Brazil’s soybean exports are expected to total at least 99 million tons in 2024, a 1% increase from the previous year. The total oilseed supply is projected to rise by 6%, reaching 168.871 million tons, with total demand estimated at 157.7 million tons, a 2% increase from the previous year. Final stocks are expected to rise by 103%, from 5.5 million to 11.2 million tons.

     Soybean meal production is forecasted at 42.3 million tons in 2024, a 4% increase. Exports are expected to decrease by 2% to 21.5 million tons, while domestic consumption is projected to rise by 8%, reaching 20 million tons. Stocks are trending upwards, with a 36% increase to 3.03 million tons.

     The production of soybean oil is projected to increase by 3%, totaling 11.1 million tons. Brazil is set to export 2.05 million tons, a 9% decline from the previous year. Domestic consumption is expected to rise by 5% to 9 million tons, with a 13% increase to 4.5 million tons for biodiesel use. Stock forecasts show a 13% increase to 615,000 tons.

     The record soy output in Brazil is expected to benefit the country’s economy, as well as the farmers who are sowing the oilseed over a larger area. This will also help to meet the global demand for soybeans and other oilseed products.

Continue Reading at Source : mercopress