Brazil's agricultural channel reported on August 11 that the Brazilian vegetable oil industry association (abiove) estimated that Brazil's soybean output would be 137.5 million tons from 2020 to 2021. Abiove also predicted that in 2021, Brazil is expected to export 86.7 million tons of soybeans, with a domestic crushing capacity of 46.5 million tons, a final inventory of 4.164 million tons and an import of 400000 tons. According to the data, Brazil exported 82.973 million tons of soybeans in 2020, with a domestic crushing capacity of 46.845 million tons, a closing inventory of 2.91 million tons and an import of 822000 tons.
According to the report of successful agriculture on August 13, the report released by safras & Mercado, an agricultural consulting agency, predicted that Brazil is expected to export 86 million tons of soybeans in 2021 and 90 million tons in 2022, setting a new record. Safras & Mercado also predicted that Brazil's domestic soybean crushing capacity is expected to be 46.7 million tons in 2021 and 48.5 million tons in 2022. In view of the sufficient supply in the domestic market, it is expected to import 400000 tons of soybeans in 2022, a year-on-year decrease of 53%. Affected by favorable prices, Brazil's soybean planting area is expected to increase by 5% year-on-year in the next year, realizing an output of 147.41 million tons.
Source: Economic and Commercial Department of the Embassy in the Republic of Brazil