Brazil’s soybean exports may decline in 2024

Forecasts by analysts Safras&Mercado foresee a decrease in Brazil’s soybean exports in 2024 to 94 million tons, a significant drop from the previous season, where the volume was 101.9 million tons.

However, speaking of domestic processing of the oilseed, it is expected to increase to 54.3 million tons in 2024, up from 52.2 million tons in 2023. In parallel, soybean oil consumption for biodiesel production is projected to grow, which could reach 5.2 million tons, registering an increase of 18%.

As for soybean meal exports from Brazil, they will rise to 21 million tons this year, representing an increase of 1.6 million tons per year. For soybean oil, a decrease of 1.5 million tons is forecast (compared to the previous year, where the figure was 0.8 million tons).

Analyzing the data, it is estimated that Brazil’s soybean stocks by the end of 2024 will be 3.2 million tons, which means a decrease of 0.2 million tons compared to the previous period.

Tags: soybean, export, Brazil