The latest report on the 2022/23 Brazilian crop for soybeans was released by CONAB in February 2023. According to the report, the total grain production forecast for the country in 2022/23 is 310.60 million tons, reflecting an increase of 14% or 38.16 million tons from the previous season of 2021/22.
In the same February report, CONAB estimated that the Soybean production for the 2022/23 season would be 152.89 million tons, representing a 21.78% increase from the previous season of 2021/22. The soybean acreage is expected to reach 43.34 million hectares, which is a 4.44% increase from the previous year.
Below Given table Shown Brazil’s Soybean Supply and Demand in million metric tons:
|
Attribute |
2020/21 |
2021/22 |
2022/23 Jan |
2022/23 Feb |
|
Carry-in-stock |
4.22 |
8.85 |
2.96 |
2.90 |
|
Production |
139.39 |
125.55 |
152.71 |
152.89 |
|
Import |
0.86 |
0.42 |
0.50 |
0.50 |
|
Supply |
144.47 |
134.82 |
156.17 |
156.29 |
|
Export |
86.11 |
78.93 |
93.91 |
93.91 |
|
Seeds/Others |
3.57 |
3.50 |
3.90 |
3.89 |
|
Processing |
45.93 |
49.49 |
52.75 |
52.75 |
|
Ending Stock |
8.85 |
2.90 |
5.62 |
5.75 |
The projected export of soybeans for the country is 93.91 million tons, representing an increase of 18.97% from the previous season.
According to the latest harvest update as of February 11, 2023, 15.40% of Brazilian soybeans have been harvested, which is lower than the 25% recorded at the same time last year. The slower pace is attributed to the recent rains, whereas last year's harvest was accelerated due to drought. However, the state of Mato Grosso has already harvested 40.10% of soybeans this year.
The forecast for the upcoming week indicates that there will be continuous rains, which will further slow down the harvest progress.