USDA attaché raises forecast for Brazilian soybean crop

The Brazilian soybean crop 2022/23 should reach a record of 153 million tons, according to a report published yesterday (Jan. 9) by the USDA (US Department of Agriculture) attaché, which raised its estimate by increasing expectations of planted area and rainfall for crops.

Previously, the attaché had estimated the Brazilian crop at 148.5 million tons.

The attaché raised the planting forecast to 43.3 million hectares from 42.8 million hectares in the previous projection.

“Considering that global demand should remain robust, Brazilian farmers sought to reinvest the profits from their last harvest; therefore, the expansion of planted area should be above the expected trend,” he said.

According to the report, the forecast considers average weather for the rest of the crop development and optimized use of inputs (seeds, fertilizers, chemicals).

He pondered that in the Southern States of Brazil, the rains are necessary since productivity will be negatively affected if the dry weather continues.

The attaché further raised Brazil’s soybean export forecast to a new record of 97 million tons, while crushing in the country was seen at 51.5 million tons.

He reminded that the biodiesel mandate, which will be decided by March, should influence the processing volume.

The attaché’s numbers cannot be considered the official ones from the USDA, whose estimate for Brazilian production is 152 million tons. The agency will update the numbers next Thursday (12).

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