Despite an increase in the blend of biodiesel in diesel from 10% to 12% in Brazil, ending soy oil stocks, the main raw material for biodiesel, are expected to rise in 2023.
This is due to the projection of a record soybean harvest in Brazil and a drop in soybean oil exports. As a result, Brazil's final soybean oil stocks are estimated to be 665 thousand tons, up from 507 thousand tons in 2022.
Consumption of soybean oil for biofuel in Brazil will increase by 23.5% in 2023 compared to 2022, to 5.8 million tonnes. Brazil's soybean oil production is expected to increase to 10.4 million tons versus 10.2 million tons last year.
The projection is that there will be a decrease in soybean oil exports from 2.6 million tonnes in 2022 to 1.8 million tonnes in 2023.
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