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Brazil's soybean exports are expected to total 83 million tons in 2021, above the 82.8 million projected for 2020.
The forecast is part of the Brazilian supply and demand framework, released by SAFRAS & Mercado. In the previous survey, released in September, the numbers were 82.5 million tons for both seasons. SAFRAS indicates crushing of 45.7 million tons in 2021 and 44.5 million tons in 2020, representing an increase of 3% between one season and the next.
In relation to the 2021 season, the total supply of soybeans is expected to increase by 2%, reaching 133.853 million tons. Total demand is projected by SAFRAS at 132.3 million tons, growing 1% over the previous year. Therefore, ending stocks are expected to rise by 736%, from 186 thousand to 1.553 million tons.
By-products
SAFRAS works with soybean meal production of 34.98 million tons, an increase of 2%.
Exports are expected to rise by 2% to 17.5 million tonnes, while domestic consumption is projected at 17.35 million, an increase of 2%.
Inventories are expected to rise 9% to 1.603 million tonnes. Soybean oil production is expected to rise by 2% to 9.2 million tonnes.
Brazil is expected to export 800 thousand tons, a drop of 27% over the previous year. Domestic consumption is expected to rise from 8.31 million to 8.62 million tons.
Biodiesel usage is expected to rise 6% to 4.5 million tonnes.
Stocks are forecast to fall by 57% to 97 thousand tonnes.
Per Dylan Della Pasqua | SAFRAS Agency
