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Separately, StoneX raised its forecast for exports of the crop in 2021/22 as China began importing corn from Brazil
.
Brazilian website istoedinheiro reported that StoneX said that soybeans in the 2022/23 season have entered the final planting stage and are expected to reach 155 million tons, exceeding last month's expectations (154.
35 million tons).
If the latest forecasts come true, the soybean harvest for the quarter will increase by 21.
9%
year-on-year.
This is because the dry weather of the previous season adversely
affected soybean yields.
35 million tons).
If the latest forecasts come true, the soybean harvest for the quarter will increase by 21.
9%
year-on-year.
This is because the dry weather of the previous season adversely
affected soybean yields.
Ana Luiza Lodi, market intelligence expert at the consultancy, said: "Despite below-historical rainfall in many regions, the outlook for the Brazilian soybean harvest this season is very positive
.
Of course, the weather in the coming weeks and months will also be very important
for the impact of the actual harvest of this crop.
”
.
Of course, the weather in the coming weeks and months will also be very important
for the impact of the actual harvest of this crop.
”
On the export front, StoneX's forecast for soybean exports in 2021/22 is 79.
5 million mt, with exports of the crop expected to rise to 96 million mt
in 2022/23.
5 million mt, with exports of the crop expected to rise to 96 million mt
in 2022/23.
For the corn crop, StoneX's latest forecast is that the 2022/23 harvest will reach 130.
3 million tonnes, compared to the previous forecast of 129.
9 million tonnes
.
3 million tonnes, compared to the previous forecast of 129.
9 million tonnes
.
"In addition to Mato Grosso and Pará, the increase in crop harvests in the Matopi region (involving Maranhão, Tocantins and Piauí) cannot be ignored
," the forecast report says.
StoneX has made minor adjustments to maize production in the region, with the latest forecast of 99.
6 million mt (second harvest), an increase of 0.
4%
compared to the last reported result.
”
," the forecast report says.
StoneX has made minor adjustments to maize production in the region, with the latest forecast of 99.
6 million mt (second harvest), an increase of 0.
4%
compared to the last reported result.
”
As Brazilian corn sales to China begin, StoneX raised its 2021/22 corn export forecast to 45 million mt from 42 million mt, and 2022/23 corn exports are expected to reach 46 million mt
.
.
Market intelligence analyst Joãoo Pedro Lopes explained: "Due to the decline in the supply of grain from Ukraine on the international market, China has turned to more suppliers to guarantee the security of this grain supply and reduce dependence on
US suppliers.
”
US suppliers.
”
