Brazil: Oilseeds and Products Annual

  |   Attaché Report (GAIN)   |   BR2023-0007

Post forecasts that Brazilian producers will expand soybean planted area to reach 45.2 million hectares (ha) in 2023/24 season, up from the estimated 43.5 mn ha planted in the 2022/23 season. Post forecasts 2023/24 soybean production at 159 million metric tons (MMT), up from the estimated 152.5 MMT harvest this season. Soybean expansion is forecast on current market conditions and trends - including strong demand, high prices, and a favorable exchange rate. All these conditions are expected to persist well into the 2023/24 season. Soybean exports are forecast to hit records this season and next at 95 MMT and then 98.1 MMT. Peanut planted area and production are also forecast to rise on the same factors. Cottonseed area and production are forecasted to rise in the 2023/24 season based on the same factors and a rise in global demand.

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