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The Brazilian Association of Vegetable Oil Industries (ABIOVE) updated projections for the 2023 harvest and the monthly statistics for the soybean complex until last April.
The most recent data from ABIOVE points to an increase in soybean production compared to last month's projection, from 155 million tons to 156 million. The increase is the result of the positive reassessment of companies associated with the entity in terms of productivity.
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Soybean processing is also growing, from 53 million tons observed in the last projection to 53.2 million in the most recent scenario. According to sample data from the first four months of this year, crushing corrected by the sample percentage was around 16.6 million tons, 3.5% higher than that recorded in the same period in 2022 (16.1 million tons).
Projections for soybean co-products were moderate. Bran production increased by 100 thousand tons, from 40.6 million in the previous assessment to the current 40.7 million tons. Soybean oil continues with an estimated production of 10.7 million tons.
Exports
International demand for products from the Brazilian soybean complex pushed up export estimates for this year.
Soybeans increase from 95.7 million tons measured in the previous projection to 97 million in the current balance. The international trade of soybean meal shows a small increase, from 21.4 million tons to 21.9. This time, soybean oil exports also had a positive change, from 2.1 million tons to 2.3.
These volumes bring an expected export revenue of US$ 65.5 billion this year. With US$ 52.6 billion from soybeans, US$ 10.3 billion from bran and US$ 2.6 billion from soybean oil.
Source: datagro
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