The Brazilian Association of Vegetable Oil Industries (ABIOVE) updated projections for the 2023 harvest. Furthermore, monthly statistics for the soybean complex up to the month of July indicate promising data.
New estimates indicate that soybean production will reach 157.3 million tons, an increase of 300 thousand compared to the previous month. However, grain processing remains unchanged at 53.5 million tons.
The production volumes of soybean meal and oil this year are also maintained, 41 million and 10.8 million tons, respectively.
The rise in the export of oilseed legumes promotes an optimistic scenario for the revenue of the oilseed crops complex this year. Projections point to an impressive US$ 66.8 billion in revenue, with approximately US$ 52.9 billion coming from the export of grains from oilseed crops, while around US$ 11 billion come from oilseed meal and approximately US$ 2.9 billion originate from the oil of oilseed plants. These numbers reflect the robustness of the oilseed complex's export sector, bringing positive prospects for the economy.
Soybean production on the rise: 5.2% increase in annual processing and 3.4% growth in July 2023
Oilseed grain processing between January and July was 28.3 million tons. Furthermore, when we consider the correction for the percentage of the current sample (89.3%), clearly an increase of 5.2% compared to the same period last year. Therefore, processing in July reached the mark of 4.518 million tons, representing an increase of 3.4% compared to the previous month and, surprisingly, a significant increase of 5.8% compared to July 2022.
These numbers demonstrate the continued expansion of oilseed production and processing, reflecting a positive trend in the sector.
Export projection reaches 99 million tons in update, with revenue of US$ 66.8 billion expected for this year
The projection for soybean exports reveals a notable increase, going from 98.5 million tons, as previously predicted, to a total of 99 million tons, according to the most recent estimates of the current balance. Additionally, soybean meal and oil volumes remain stable at 22 million tons and 2.4 million tons, respectively.
This rise in the export of oilseed legumes and their by-products suggests an optimistic scenario for generating revenue from exports of the oilseed crop complex throughout this year. Projections point to an impressive US$$ 66.8 billion in revenue, with approximately US$ 52.9 billion coming from the export of grains from oilseed crops, while around US$ 11 billion come from oilseed meal and approximately US$ 2.9 billion originate from the oil of oilseed plants. These numbers reflect the robustness of the oilseed complex's export sector, bringing positive prospects for the economy.
Source: Notícias Agrícolas
