Brazil to export 94 million tons of soybeans in 2024 – forecast

Brazil may export less soybeans this year due to the expected decrease in supply of the oilseed amid unfavorable weather conditions for its cultivation in some regions of the country. This is the conclusion reached by analysts at Safras&Mercado.

They expect that 94 million tons of this crop will be shipped out of the country in 2024 against 101.86 million tons in 2023. A month earlier, experts estimated sales at 95 million tons.

At the same time, according to the company’s estimation, the volumes of oilseed processing will grow from 53.5 million tons to 54.3 million tons during the year. There are no changes in the indicator by January.

As for import, it is expected to decrease – from 181 thousand tons to 110 thousand tons.

According to experts’ forecasts, the total supply of Brazilian soybeans in MY 2023/24 will decrease by 6% to 154.492 million tons. Demand will sag by 5% to 151.3 million tons.

As a result, ending stocks, according to Safras&Mercado, will decrease by 40% to 3.192 million tons.

Tags: export, Brazil, soybean