Brazil: Oilseeds and Products Update
Link to report:
In 2019/20, Brazil is forecast to reap a record soybean cop of 124.5 million metric tons (mmt). Post raised slightly the forecast for planted area by 100 thousand hectares to 36.9 million ha. The increase is based on marginal gains across several states. Post raised the production forecast by one mmt based on better than initially expected yields in Mato Grosso, and improved productivity expectations in Rio Grande do Sul and the Northeast. Soybean exports are forecast at 75 mmt for 2019/20, up from 2018/19 estimate of 74 mmt. Post maintains the crush forecast of 44 mmt for 2019/20, driven by the domestic demand for soy oil. Soy oil exports are forecast to level off dramatically as industry ramps up biodiesel blending rates to meet the government mandate.
