According to the United States Department of Agriculture, the record harvest in Brazil may increase the production of industries related to the soybean complex.
On Tuesday 11, the agency released the projection for the crop harvest and the estimated oil and soybean meal production.
The agency foresees growth in all three segments of the country.
In the 2023 cycle, Brazil should harvest 154 million tonnes of soybeans, according to the US government’s estimate.
Thus, the increase in the supply of fresh products is about 18% over the previous year’s harvest.
That is an extra 24 million tonnes.
With the record soybean harvest in the country, the US Department report shows the increase in production of Brazilian soybean meal and oil industries.
According to the document, the 2023 production should result in 10.3 million tonnes and 41.3 million tonnes of each item, respectively.
In both cases, the expansion is projected at about 5%.
The national grain harvest is the largest in the world.
Even so, the country’s industries do not lead the production of soybean oil and meal, being third in the global ranking of this segment.
Ahead of the Brazilians are only the Americans and the Chinese in second and first position, respectively.
With information from Revista Oeste