• What are Brazil’s soybean oil forecasts for 2023?
  • Latest estimates for Brazil¡¯s Soybean Oil sales stood at 2.4 million mt, up from 0.1 million mt in the June forecast. The country¡¯s Soybean production and exports were also projected to hit a new record high in the 2023 campaign.
  • Why is Brazil crushing so much soybeans in 2023?
  • Brazil’s soybean crushing is estimated to reach a record high 53.5 million mt in 2023 from the previous month’s estimate of 53.2 million mt, driven by a greater demand for soybean oil and meal, according to the latest release from the Brazilian Association of Vegetable Oil Industries, or Abiove, on July 20. Not registered?
  • What are Brazil’s soybean sales?
  • Brazil¡¯s Soybean meal sales were pegged at 22 million mt, up from 21.9 million mt in June estimates. This was up 8.05% yearly from 20.36 million mt in 2022. Latest estimates for Brazil¡¯s Soybean Oil sales stood at 2.4 million mt, up from 0.1 million mt in the June forecast.
  • Which countries export soybean oil from Brazil?
  • The leading destination of Soybean Oil exports from Brazil is India ($776 million), China ($473 million), Bangladesh ($202 million), Venezuela ($189 million), and Iran ($95.8 million). The fastest-growing export markets for Soybean Oil in Brazil between 2020 and 2021 were India ($528 million), China ($340 million), and Venezuela ($95.9 million).
  • How did exports of soybean oil & meal derivative change in 2023?
  • Projections for exports of soybean oil and meal derivative in 2023 were also increased from June’s estimates. Sales of Brazil’s soybean meal were pegged at 22 million mt, up from 21.9 million mt in June estimates. This was up 8.05% year on year from 20.36 million mt in 2022.
  • Which country imports the most soybean oil in 2021?
  • Soybean Oil accounted for just over 72 percent of Brazil¡¯s raw materials used for biodiesel production in 2021. According to AgFlow data, Brazil exported 0.2 million tons of Soybean Oil to China in Jan ¨C July 2023, followed by India (80,000 tons). Total imports hit 0.3 million tons in Jan ¨C July 2023.