Brazil's Association of Vegetable Oils (Abiove) estimated soybean production of 137.5 million tons in 2020-2021, according to a report by Brazil's Agri Channel on August 11. Abiove meanwhile forecast that in 2021, Brazil is expected to export 86.7 million tons of soybeans, domestic crush volume 46.5 million tons, ending stocks of 4.164 million tons and imports of 400,000 tons. Data showed that Brazil exported 82.973 million tons of soybeans in 2020, domestic crushing volume was 46.845 million tons, ending stocks were 2.91 million tons, and imports were 822,000 tons.


Brazil is expected to export 86 million tons of soybeans in 2021 and 90 million tons in 2022, another record, according to a report released Friday by Safras& Mercado, an agricultural consultancy. Safras& Mercado also forecast that domestic soybean crushing in Brazil is expected to increase to 46.7 million tons in 2021 and 48.5 million tons in 2022. Given the ample supply in the domestic market, 400,000 tons of soybeans are expected to be imported in 2022, down 53 percent year-on-year. Influenced by favorable prices, Brazil's soybean planting area is expected to increase by 5% year on year to achieve 147.41 million tons of output next year.