# Brazil's 2023 soybean crushing set for record highs driven by oil, meal demand

> Abiove raised its 2023 Brazilian soybean crush estimate to a record 53.5 million tonnes from 53.2 million. Soybean meal export projections were lifted to 22 million tonnes and soybean oil export projections to 2.4 million tonnes. Production was estimated at 156.5 million tonnes.

- Date: 2023-07-21 · published 2023-07-21T12:00:00.000Z
- Category: report · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/35113-brazil-s-2023-soybean-crushing-set-for-record-highs-driven-by-oil-meal-demand
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A record crush and larger meal exports add to global meal supply, which is bearish for soymeal prices. Higher oil export demand also supports soybean oil and the crush margin.

## Read by commodity

- SBM: bearish ▼
- SBO: bullish ▲
- SOY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2022-07-14 | [Brazil to produce record amount of soybean meal, oil amid higher crush margins \| S&P Global](https://feedsoft.ai/events/40581-brazil-to-produce-record-amount-of-soybean-meal-oil-amid-higher-crush-margins-s.md) | -9.1% | +4.9% |
| SBM | 2025-03-14 | [Global soybean crush forecast hits record high amid increased demand \| Feed & Grain](https://feedsoft.ai/events/25657-global-soybean-crush-forecast-hits-record-high-amid-increased-demand-feed-and.md) | -0.8% | -0.2% |
| SBM | 2024-10-30 | [U.S. soybean crush sees record high for September \| Farmtario](https://feedsoft.ai/events/27988-u-s-soybean-crush-sees-record-high-for-september-farmtario.md) | -0.8% | -4.8% |
| SBM | 2025-08-15 | [Global soybean meal trade to set record for third straight year](https://feedsoft.ai/events/23403-global-soybean-meal-trade-to-set-record-for-third-straight-year.md) | +5.3% | +2.2% |
| SBM | 2017-04-06 | [Brazil To Harvest Record Corn And Soybean Yields](https://feedsoft.ai/events/71350-brazil-to-harvest-record-corn-and-soybean-yields.md) | +0.9% | +1.4% |
| SBO | 2025-03-14 | [Global soybean crush forecast hits record high amid increased demand \| Feed & Grain](https://feedsoft.ai/events/25657-global-soybean-crush-forecast-hits-record-high-amid-increased-demand-feed-and.md) | +2.4% | +10.0% |
| SBO | 2025-04-11 | [Brazil's rising biodiesel demand restricts soybean oil exports](https://feedsoft.ai/events/25204-brazil-s-rising-biodiesel-demand-restricts-soybean-oil-exports.md) | +2.3% | +4.3% |
| SBO | 2022-06-13 | [USDA: Industrial uses driving U.S. demand for soybean oil - F&L Asia](https://feedsoft.ai/events/15388-usda-industrial-uses-driving-u-s-demand-for-soybean-oil-f-and-l-asia.md) | -7.6% | -21.7% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/072123-brazils-2023-soybean-crushing-set-for-record-highs-driven-by-oil-meal-demand

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.