BRASILIA, BRAZIL — Brazilian soybean exports for the 2021-22 marketing year are anticipated to surpass the current marketing year and set a new record close to 100 million tonnes, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).

The USDA estimates Brazil’s 2021-22 marketing year soybean exports to reach a record high of 94 million tonnes. The expected high exports are attributed to available supplies, a favorable exchange rate and continued strong global demand. According to market analysts, a decrease in soybean demand is not expected even with a possible new wave of COVID-19 outbreaks.

Brazilian soybean production in the 2021-22 marketing year is expected to total 143.5 million tonnes based on expanding yields and the increasing use of genetically engineered soybean seeds.

The USDA anticipates domestic soybean processing to jump 2% in the 2021-22 marketing year compared to the previous to a total of 47.7 million tonnes.  The increase is based on growing demand for soy oil and soymeal domestically.

Brazilian soybean meal consumption is forecast to rise with the rising beef and pork production. The USDA estimates consumption in the 2021-22 marketing year to hit 19.9 million tonnes, a 3% increase compared to the previous year.