Soybean exports from Brazil are expected to total 90 million tonnes in 2022, a potential new record from a projected historical high this year, agribusiness consultancy Safras & Mercado said.

In its first projection for Brazilian shipments next year, Safras said it would keep the estimate for 2021 soybean exports at 86 million tonnes, unchanged from a forecast made in June.

Brazil, the world’s largest soybean exporter and producer, will domestically crush an estimated 48.5 million tonnes of soybeans in 2022, above the 46.7 million tonnes projected for 2021, as demand for soy by-products is likely to remain strong.

Soy imports next year are forecast at 400,000 tonnes, a drop of 53%, as local supplies suffice to cater to demand, Safras data indicated.

Brazilian farmers are poised to harvest a 147.41 million tonne-crop next year, a 5% rise from 2021, as growers will expand acreage to take advantage of attractive prices.

Source: Reuters