The Brazilian Vegetable Oil Industry Association (Abiove) pointed out that Brazil’s soybeans have been sold out in 2019-2020, and the soybean export in 2020 is expected to be approximately 82 million tons, less than the record 83.2 million tons in 2018; at the end of 2020, soybean stocks are expected to be 319,000t, which will hit a record low.

Abiove predicts that Brazil will produce 131.7 million tons of soybeans in 2020-2021. In 2021, Brazil is expected to export 83.5 million tons of soybeans, and domestic soybean consumption is expected to be 45.8 million tons, both of which will set a new record in history; at the end of the year, the inventory is expected to be 219,000t, a record low.