Brazilian soybean exports to rise through February despite farmers’ restraint
Farmers are selling the new soybean crop at a slower pace than in previous years, although this won’t stop the world’s largest oilseed producer and exporter from shipping large volumes in February, according to forecasts from Anec, the Brazilian exporters association.
According to Anec, soybean exports from Brazil could reach 14 million tonnes in January-February.
Farmers are reluctant to sell soybeans due to the strengthening local currency, high transportation costs, and abundant supply, which is putting downward pressure on the price of CBOT futures contracts.
The new soybean harvest is in full swing in most states. Brazil is expected to harvest a record 180 million tonnes of soybeans, approximately 10 million tonnes more than last season.
According to estimates from the consulting firm Safras & Mercado, farmers have sold 33.9% of the harvest so far, a 10 percentage point increase. below average.
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