Brazil increased the pace of soybean exports in October
Brazil’s October sales of last and current season’s soybean crop are strong thanks to competitive market prices, industry agency Safras&Mercado reported.
As of November 8, sales of the-2023/24 soybean crop are at 92.6% of projected production of 152.3 million tons (compared with 87.7% as of October 4), compared with average old crop sales of 92.9% over the past 5 years.
Sales of oilseed crop-2024/25 are estimated at 28.2% of the expected 171.8 million tons (24.8% at the beginning of October), while forward sales for the last 5 years for this period amounted to 33%. Experts expect to maintain the trend of stable prices for soybeans until December.
Earlier it became known that the country has become the main importer of soybeans in the EU. In the first four months, the Union received about 2.3 million tons of soybeans from Brazil, which is significantly more than in the same period last year (1.7 million tons). The country’s import share rose to 57.9%.
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