Brazil’s soybean exports to hit record high after US exits market – ANEC

Brazil’s soybean exports will reach 102.2 million tonnes by the end of October, exceeding the annual volumes for all of 2024 and 2023, reflecting the absence of U.S. competition serving Chinese importers, Reuters reports, citing data from grain exporter group ANEC.

In total, 110 million tonnes of Brazilian soybeans will be exported this calendar year, according to ANEC. The previous record for soybean shipments from Brazil, the world’s largest producer and exporter, was 101.3 million tonnes in 2023.

In addition to harvesting a record soybean crop of over 170 million tonnes in 2025, Brazilian farmers are benefiting from strong demand in China, which is locked in a tariff war with the United States and remains the main destination for Brazilian soybeans.

ANEC data showed that China imported 6.5 million tonnes of soybeans from Brazil in September, accounting for 93% of total exports, maintaining a historically high share of total shipments from the South American country.

Relying primarily on Brazil for supplies, China accounted for 79.9% of Brazil’s total soybean exports, up from 74% in the 2021-2024 period. In 2024, China’s share was 76%.

In October, ANEC forecast shipments of 7.12 million tonnes, nearly 2.7 million tonnes more than in the same month last year.

Corn shipments reached 6 million tonnes this month, approximately 380,000 tonnes higher than the volume recorded a year earlier.

As of October, exports are estimated at 30 million tonnes, making Brazil the world’s second-largest grain exporter after the United States.

Tags: Brazil, soybean