CONAB released its forecast for 2022/23 Brazilian crops on 24 August 202. According to the report Brazil is expecting 150.36 million tons of soybean production in 2022/23, compared to 124.05 million tons last year.

The record production estimate for 2022/23 is attributed to increased acreage for the crop. The country is forecasted to plant soybean on 42.40 million hectares in 2022/23, compared to 40.95 million hectares the previous year.