Conab raises Brazil’s soybean crop forecast and planting area projection

The 2022/23 soybean crop in Brazil was estimated this Wednesday (9) at a record 153.54 million tons, projected the National Supply Company (Conab), raising its projection to just over 1 million tons in compared to the October forecast.

According to Conab’s monthly report, the estimate was revised due to a greater growth in the area sown with the oilseed, whose planting is being developed in the country, the largest producer and global exporter of soybeans.

The area planted with soybeans in Brazil in 2022/23 was estimated at 43.24 million hectares, versus 42.89 million hectares in the previous forecast.

In terms of area, Conab projects a growth of 4.2% compared to the previous season, while production will grow 22.3%, after the drought severely affected crops in the previous cycle.

“This increase is explained, among other factors, by the advance in important agricultural producing states in areas of degraded pastures, or even, the option for the oilseed in detriment to other crops due to better profitability”, said the president of Conab, Guilherme Ribeiro , in note.