Brazilian soybean exports hit record high as production is set to expand

Brazil set a new soybean export record in 2026, with shipments during the first ten months already exceeding the total volume exported throughout 2025. According to shipping brokerage Ursa Shipbrokers, seaborne soybean exports reached 108.4 mln tons in January–October, an increase of 7.9%, or 7.9 mln tons, compared with the same period last year. The ten-month total also exceeded full-year 2025 shipments by 600 thsd tons.

Export growth was particularly strong in the second quarter of 2026, when shipments increased by 10.3% to 44.9 mln tons. Third-quarter exports rose by 8.1% to 29.7 mln tons. In October, Brazil exported 6.5 mln tons of soybeans, up 2.4% year-on-year but nearly 14% below September levels as shipments from the previous harvest season wound down.

Brazilian government customs statistics also confirm the record pace of exports, although the figures differ slightly from vessel-tracking estimates. According to official data, the country exported 106.5 mln tons of soybeans in January–October, an increase of 5.9% compared with the previous year. Export revenues during this period reached approximately USD 46 bln.

Brazil could set new soybean production and export records in the 2026/27 marketing year. According to the latest forecast from the US Department of Agriculture (USDA), the country’s soybean harvest is expected to reach 186 mln tons, while exports are projected at 118 mln tons. Production growth will be driven primarily by an expansion in planted area, which could reach 50 mln hectares. Meanwhile, Brazil’s government crop agency Conab has issued a more conservative production estimate of 181.6 mln tons.

China remains the largest buyer of Brazilian soybeans and the country’s main export destination. Further growth in shipments to Asia could support demand for dry bulk shipping, particularly Panamax and Supramax vessels. The expected expansion in production creates conditions for Brazil to maintain high export volumes in 2027 and intensify competition in the global soybean market.

Tags: Brazil, soybean