The Brazilian Association of Vegetable Oil Industries (Abiove) recently updated its soybean complex statistics, providing insights into production, processing, exports, and crop projections for 2023 and 2024.
Soybean Processing and Production
Between January and September 2023, Brazil processed 36.6 million tons of soybeans, representing a 5.6% increase from the same period in 2022. This upward trend continued in September, with nearly 4 million tons of soybeans processed, an 8.7% increase from September 2022.
For the 2022/23 harvest, Abiove maintained its projection of soybean production at 157.7 million tons, with exports expected to reach 100 million tons and crushing to reach 53.5 million tons.
Soybean Exports
Soybean exports in October 2023 witnessed a significant surge, increasing by 44% in volume compared to the same month in 2022 [1:https://abiove.org.br/en/statistics/]. This upward trend continued throughout the year, with Brazil exporting a total of 92 million tons of soybeans between January and October 2023, representing a 24.8% increase from the same period in 2022.
Abiove projects soybean exports to reach 100 million tons in both 2023 and 2024, reflecting the strong demand for Brazilian soybeans in the global market.
In addition to soybeans, soybean meal exports accumulated to 18.1 million tons between January and October 2023, a 6.3% increase from the same period in 2022. However, international sales of soybean oil in the period were 2.1 million tons, a 0.7% decrease from last year.
Overall Outlook
The soybean complex in Brazil continues to exhibit robust growth, driven by strong domestic demand and increasing exports. Abiove's projections for 2024 indicate that this upward trend is expected to continue, with production, processing, and exports all projected to reach record levels. This growth is attributed to factors such as favorable weather conditions, expansion of soybean cultivation areas, and increasing demand for soybean products in international markets.
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