Brazil may reach record levels of soybean processing and exports in 2023

Thus, analysts predict oilseed processing in Brazil this year. at 54.5 million tons, which is significantly higher than last year (50.9 million tons). Moreover, in 10 months of this year. The volume of soybean processing in the country is estimated at 45.88 million tons.

Exports of Brazilian soybeans by the end of 2023 could reach 99.8 million tons. In January-October of this year. Brazil has already shipped 92.78 million tons of oilseeds to foreign markets.

In 2024, analysts predict a further increase in soybean processing volumes in Brazil amid expected growth in demand for soybean oil in the domestic market from the biofuel industry. At the same time, the export supply of soybeans may decline next year, which will depend mainly on the volume of the soybean harvest.