Brazil’s soybean exports down 43% in November
Data from the Brazilian Secretariat of Foreign Trade (SECEX) show that Brazilian soybean exports continue to decline from a year ago, indicating that after months of strong growth, Brazil’s soybean export supply is beginning to shrink.
From November 1 to 15, bean exports totaled 1.48 million tons, down from 5.2 million tons for all of November last year. Average soybean exports are 43% lower compared to the same period last year.
Soybean export revenue totaled $650 million in November compared to $2.73 billion last year. The average soybean export price was $437 per ton, down 16.7% from the same period last year.
By comparison, Brazil’s soybean exports totaled 4.71 million tons in October, down 15.9% from the previous year.
Anec forecasts Brazil’s soybean meal exports in 2024 to set a record, surpassing the previous year’s high, thanks to expected strong shipments in December.
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