Brazil may increase exports of soybeans and soybean meal in October

Brazilian traders in October can sell about 3.77 million tons of soybeans to foreign markets, but under certain circumstances, exports of South American oilseeds may drop to 2.5 million tons. Nevertheless, the expected volume of shipments is likely to exceed the results of October 2021 (2.99 million tons). Such estimates were published by analysts of the National Association of Grain Exporters Anec in their latest report.

As for soybean meal, its shipments abroad from Brazil this month may also increase significantly – from 1.34 million tons (October 2021) to 2.04 million tons.

Exports of Brazilian corn, in turn, are expected to reach 7.18 million tons in October. At the same time, experts do not exclude that, under the pessimistic scenario, this figure may not exceed 5.5 million tons. However, this is still higher than the level of the same month last year by more than 3.5 million tons.

Anec also notes that in the ports of the country, 1.8 million tons of corn, 955.2 thousand tons of soybeans and 464.8 thousand tons of soybean meal were prepared for shipment from October 16 to 22, against 1.65 million tons, 829 .8 thousand tons and 266.5 thousand tons a week earlier, respectively.

Recall that in March, according to official customs data, the sale of Brazilian soybeans in all directions amounted to 12.3 million tons, in April – 11.5 million tons, in May – 10.6 million tons, in June – 10.1 million tons. , in July – 7.5 million tons, in August – just over 5 million tons.

According to the Brazilian Ministry of Foreign Trade, oilseed exports continued to decline in September and amounted to only 4.3 million tons.

According to industry analysts, the monthly decrease in the number of shipments was due to the drought in the country in the 2021/22 season, due to which farmers harvested less soybeans from South American fields.

Brazil is currently the largest soybean producer in the world. The tropical climate and relative availability of space make this region ideal for growing not only soybeans, but also corn – however, these two crops mainly go to foreign markets, covering most of the needs of the entire world market.

Tags: Brazil, soybean, soybean meal