StoneX raises Brazil’s soybean crop forecast 2022/23

StoneX raises Brazil’s soybean crop forecast 2022/23
StoneX raises Brazil’s soybean crop forecast 2022/23

Jose Roberto Gomes/Reuters

Soybeans harvested in Brazil

Soybean production in Brazil in the 2022/23 cycle was estimated today (01) at 153.6 million tons, just over 1 million more than the first figure released by the StoneX in August, pointed out the consultancy in a report.

In its September review, the StoneX reported adjustments in expected productivity for some states, such as Goiás and Maranhão, Tocantins, Piauí and Pará.

“A record crop has room to be accompanied by a growth in demand, with emphasis on exports, which could reach 100 million tons”, said the Market Intelligence specialist at StoneXAna Luiza Lodi, maintaining the projection of shipments abroad released last month.

According to the analyst, this level of production would make room for slightly higher inventories, estimated at 7.48 million tons.

Even though planting has not started, the main concern is with the weather, since the La Niña phenomenon could occur for the third consecutive year, affecting the rainfall regime, as occurred in the South of Brazil in the previous cycle, reducing total production. from the country.


The article is in Portuguese

Brazil

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