USDA’s attaché in Brazil lowered its estimate for the country’s soybean exports and production compared to the January World Agricultural Supply and Demand Estimates (WASDE) by USDA’s World Agricultural Outlook Board. The attaché reduced Brazil’s total soybean production forecast to 136 MMT, compared to 139 MMT projected by USDA in last week’s WASDE Report. The production reduction was due to a cut in soybeans planting to 40.4 million hectares and unfavorable weather conditions.
The attaché cut Brazil’s export forecast for 2021-22 soybeans to 88 MMT, which would be 500,000 MT under the estimate for 2020-21. In the Jan. 12 WASDE Report, USDA projected 2021-22 Brazilian soybean exports at 94 MMT.
