Despite the slow pace of soybean trade in the past five years, the first seven months of 2023 have seen Brazil achieve a record volume of exports, reaching over 70 million tons, as reported by the country’s National Supply Company (Conab) last week.
The Brazilian Association of Vegetable Oil Industries (Abiove) reported that the soybean harvest in Brazil, already completed in 2023, exceeded expectations, leading to an upward revision in export forecasts for soybean grain, meal, and oil this year. Soy remains Brazil’s primary export product.
The Safras & Mercado consultancy revised Argentina's soybeans production estimate for 2022/2023 of some 24.8 million tons, dramatically down from the previous forecast in March of 31.4 million tons.
Brazil’s soybean output and exports in 2023 will be higher than expected, Brazilian oilseed lobby Abiove announced this week, as local farmers harvest a bumper crop. Abiove now estimates Brazil’s soy production at a record 153.6 million tons, one million more than the last projection last January.
Argentina’s soybean imports are expected to more than double this season due to the devastating impacts of the historic drought on the country’s 2022/23 harvest, the country’s Rosario grains exchange said in a report.
Mercosur junior member Paraguay ended 2022 with a negative trade balance of US$ 1,288.9 million, as a result of a 16,1% increase in total imports according to the country's Central Bank, BCP.
Brazil is on track for a record-high Brazilian soybean harvest in the marketing year 2022-23 (January-December 2023), based on forecasts from commodity consultancies and government-owned institutions. The likely estimate means a looming oversupply expected to remain until at least mid-2023.
In the eleven months of 2022, China imported 52.464 million tons of soybeans from Brazil, according to data from the latest Foreign Trade Secretariat (Secex), a department of the Ministry of Economy.
Argentine rural producers have voiced their rejection of Super Economy Minister Sergio Massa's proposal to create a reload version of the soybean dollar and insisted on the need to leave currency exchange free.
Argentina's Foreign Ministry Tuesday announced that the country's exports had amounted to US$ 7.901 billion in October, thus reaching new historic highs for this month.