The Brazilian Association of Vegetable Oil Industries (ABIOVE) updated projections for the 2023 harvest and the monthly statistics for the soybean complex until last February.
According to the most recent data compiled by the entity, production and crushing of soybeans for 2023 are maintained at 153,6 and 52,5 million tons, respectively. As mentioned by ABIOVE on other occasions, these are the largest volumes in the historical series. Soybean meal production remains at 40,2 million tons and soybean oil production at 10,7 million.
The news is due to the increase in exports. Soybeans grow from 92,3 million tons measured in the previous projection to 93,7 million in the current balance. This increase is justified by greater demand for the grain from China and other Asian countries.
Soybean meal exports also increased slightly, from 20,7 million tons to 21 million, mainly due to the lower availability of the Argentine product on the market.
As a result, the expectation is that foreign exchange from exports of soy complex products will exceed US$67 billion this year, another historic record.
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