Brazil is poised to increase domestic soybean processing in 2023 after a drought destroyed part of Argentina’s soybean crop, reducing that country’s ability to make soymeal and soyoil at a time of high demand, the chief of Brazil’s oilseed lobby Abiove said in an interview.
According to Andre Nassar, the fact Brazil will harvest a record soybean crop will also drive up soybean exports to China, confirming the South American nation’s status as a key provider of food staples on the eve of a state visit by Brazilian President Luiz Inacio Lula da Silva, which is intended to boost Sino-Brazil diplomatic and trade ties.
Source: Reuters (Reporting by Roberto Samora Writing by Ana Mano)
