April 7, 2023

Brazil's 2022/23 soybean crop forecast raised to 155.08 million tonnes

Safras & Mercado, an agribusiness consultancy, has raised its forecast for Brazil's 2022/23 soybean crop to 155.08 million tonnes from 152.43 million tonnes in a previous forecast, Nasdaq reported.

According to Safras, Brazilian farmers have sold 68.8 million tonnes, or 44.3%, of their 2022/23 soybean crop. This compares with 59.6% of the five year average for the same time in the season.

Financial services organisation StoneX forecast a record soybean crop for Brazil for the 2022/23 season at 154.663 million tonnes.

Brazil's corn shipments have dropped sharply in February 2023 due to the increased focus on soybean shipments.

-      Nasdaq