South America to increase soybean production in 2022/23 MY on higher crop in Brazil – CELERES




South America is increasing soybean production that will reach 217.2 mln tonnes in 2022/23 MY, mainly due to higher crop in Brazil, Founder and CEO of CELERES Anderson Galvao said at Fat-and-Oil Industry-2022 conference in Warsaw.

“In 2022/23 MY, Brazil may increase soybean production due to better economics, particularly, higher margin and competitiveness that allows to extend planting areas and improve yields. In turn, in Argentina, the economics environment is worse. However, the regions in a whole is dependent on currency rate”, – A. Galvao said.

He added that the current pace of soybean selling was lower in both Brazil and Argentina. As of October 9, Brazilian farmers sold only 23% of 2022/23-harvest that is smaller than the multiyear average (32%). In Argentina, farmers sold 3.1% of their crop, down from 6.8% on average.  

Follow the conference newswire to know the key information from the event.