CONAB is stubbornly and absolutely wrong on the 22/23 crop size for Brazil soybeans. The equation: production + initial stocks - (exports + crush + seed usage) has to add up to more than 0 and CANNOT in any way, shape or form be a negative number... it does not work below 160 MMTs for 22/23 USDA & Agroconsult are much closer to the actual numbers.
Agroconsult soybean numbers "22/'23
