ABIOVE Keeps Brazil Soybean Processing Volume Unchanged in 2022

Brazil’s soybean processing forecast for 2022 remains unchanged at a record 48 million tonnes, up from 46.5 million tonnes in 2021, the Brazilian Vegetable Oil Industry Association (ABIOVE) said.

Brazil’s soybean meal and soybean oil production in 2022 is expected to be 36.7 million tons and 9.7 million tons, respectively.

In November 2021, the soybean crush of ABIOVE member companies was 3.2 million tons. These enterprises account for 84.5% of the national processing volume in Brazil, which is equivalent to the national soybean crushing volume of 3.8 million tons, a year-on-year increase of 14.2%. However, soybean processing in January-November 2021 was still 0.5% lower than the 43.5 million tonnes in the same period a year earlier.

ABIOVE also forecasts that the Brazilian soybean industry will generate more than $58 billion in revenue in 2022.

Brazil’s exports of soybeans and manufactured goods reached a record $48 billion in 2021, up $12.8 billion or 36.3 percent from 2020. Among them, soybean exports were 86.1 million tons, soybean meal exports were 17.2 million tons, and soybean oil exports were 1.7 million tons.