The Brazilian soybean industry is on the rise, driven by the growth of biodiesel and optimistic projections for 2024, according to data released by the Brazilian Association of Vegetable Oil Industries (ABIOVE). Data from January to October indicate that soybean grain production will reach 158.1 million tons, with a processing of 53.6 million tons, marking the highest volumes ever recorded in the historical series.
According to data from ABIOVE, soybean co-products will also reach new records, with an estimated production of 41 million tons of bran and 10.8 million tons of oil. Export projections for 2023 are equally robust, with revenue estimated at US$67.1 billion. Projections for 2024 have been adjusted, mainly due to climate impacts on crops, but the expectation is for a significant cycle. Soybean production could reach 161.9 million tons, with processing estimates increasing to 54.5 million tons.
A highlight for 2024 is the increase in processing driven by the growth in the use of biodiesel. Following the CNPE schedule, the blend of biodiesel in commercial diesel will increase from 12% (B12) to 13% (B13). This change will come into effect in March. This will contribute to an estimated production of 41.7 million tons of soybean meal and 11 million tons of soybean oil.
Exports were reevaluated, reflecting a scenario of higher domestic consumption for soybean oil. In 2024, soy complex exports are expected to reach US$ 64 billion in foreign exchange. Of the total, US$ 52.6 billion will come from soybeans, US$ 9.7 billion from bran and US$ 1.7 billion from oil.
Source: Aline Merladete | agrolink
