Abiove maintains projections for soybeans

The Brazilian Association of Vegetable Oil Industries (Abiove) updated projections for the 2023 harvest and monthly statistics for the soybean complex until December 2022.

The projection for the current Brazilian soybean harvest has not undergone major changes in relation to the previous survey (released last month). Soybean production continues at 152,6 million tons and grain processing at 52,5 million – the highest volumes ever recorded in the entire historical series.

It is important to mention that Abiove's projections for the current harvest consider the resumption of the schedule for mixing biodiesel with commercial diesel at 15% (called B15), starting in March, as provided for by law.

The production numbers for soybean meal and oil remain unchanged, pointing to records of 40,2 and 10,7 million tons, respectively.

Exports

Projections for this year's exports are also maintained: soybeans at 92 million tons, soybean meal at 20 million and soybean oil at 1,75 million. The expected revenue from exports from the soybean complex is expected to be around US$65 billion this year, an unprecedented revenue.

Updated 2022 harvest

With the update of data from last December, soybean production for the 2022 harvest is expected to close at 128,6 million tons, while processing remains at 50,4 million, a record volume that could be surpassed by the numbers from the current harvest .

The production of soybean meal and oil remained unchanged, recording 38,6 and 10,2 million tons, respectively. Once again, record volumes that, according to projections, will be surpassed by the production of the 2023 harvest.