Brazil’s 2022-23 grain production will outgrow total storage capacity for the first time in 20 years amid expectations of a record soybean harvest, according to government data obtained by Reuters. Conab forecasts Brazil will harvest a combined 189.5 MMT of soybeans, corn and rice from its summer growing cycle, while it has total storage capacity for 187.9 MMT, the data shows.
“It is possible that at the peak of the soybean harvest, in the second half of February, March, we will have the old problem of not finding warehouses,” Stelito dos Reis Neto, Conab’s storage chief, told Reuters. “Maybe it will be a little worse this year.”
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