Brazil’s soybean meal exports could set a record high

Anec forecasts Brazil’s soybean meal exports in 2024 to set a new record, surpassing the previous year’s high, thanks to expected strong shipments in December.

According to preliminary data, the country will ship 1.86 million tons of soybean meal in November (2.46 million tons in October; 1.94 million tons in November 2023). Accumulated exports from January to November will total 21.12 million tons, compared to 22.35 million tons for the same period in 2023.

“The country expects to export about 1.23 million tons of meal in December, bringing the total year-to-date shipments above last year’s level,” said Jean Budziak, head of market research at Anec.

USDA forecasts Brazil to become the world’s second largest exporter of soybean meal in MY 2023/24. Soybean processing in 2024-25 is estimated at 55.5 million tons, up 2.5% from 2023-24 volumes. The bean harvest will be 161 million tons, 6% more than last season.

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Tags: Brazil, soybean meal