Brazil's consultancy Abiove has expected higher soybean output and exports in 2023, as local farmers harvest a bumper crop, Chinese demand remains strong and Argentine growers grapple with weather issues. Abiove has estimated Brazil's soy production at a record 153.6 million tonnes, 1 million more than the last projection in January.
Whereas, Brazil’s Agriculture Statics Agency (CONAB) in its March assessment has lowered Brazil’s 2022/23 soybean crop estimate to 151.41 MMT from its previous estimate of 152.88 MMT, down by 1.47 MMT. CONAB estimated the soybean yield at 3,479 kg/ha (51.8 bu/ac), which is down 0.7 bu/ac compared to February. Conab cited losses in Rio Grande do Sul that were not completely compensated for by gains in Sao Paulo, Goias, and Mato Grosso do Sul.