The Brazilian Association of Vegetable Oil Industries (ABIOVE) announced the final figures for the 2023 soybean harvest, confirming a historic performance for the sector. According to data released by the entity, the Brazilian soybean complex reached records in all metrics last year. The numbers reveal that soybean grain production reached 160.3 million tons, while crushing totaled 54.16 million tons. Furthermore, soybean meal production reached 41.6 million tons, and soybean oil production reached 10.8 million tons.
According to data released by ABIOVE, with regard to foreign trade, exports also registered unprecedented volumes. Brazil exported large volumes of soybeans, bran and oil, generating revenue of US$ 67.3 billion. This generated consolidated revenue of US$ 67.3 billion.
ABIOVE forecasts stable 2024 harvest: 153.8 million/ton of soybeans, crushing of 54.5 million/ton. Soybean meal production is forecast at 41.7 million tons, while soybean oil production is expected to reach 11 million tons.
It is also noteworthy that soybean processing in February 2024 totaled 3.53 million tons, representing an increase of 4.7% compared to the previous month and an increase of 7.7% compared to the same period last year.
Although export volumes were mostly maintained, there was a slight revision in the soybean oil export estimate, due to growing domestic demand for the product. The expectation of revenue from exports from the soybean complex in 2024 is US$ 59.7 million.
Source: Aline Merladete | agrolink
