Brazil’s soybean oil exports may decline
Brazil in the season-2023/24 can sell to foreign markets about 1.7 million tons of soybean oil, predict analysts S&P Global Commodity Insights. They note that the decline to the level of the last agricultural year, when more than 2.3 million tons of the product were shipped, will be about 30%.
According to experts, the decline in exports of Brazilian soybean oil will be due to increased demand in the domestic market from the biofuel sector.
In addition, experts fear a noticeable decline in the soybean crop in Rio Grande do Sul – the damage may amount to 2 to 3 million tons.
Already now heavy rains in the state lead to difficulties in logistics, the situation with the delivery of raw materials to ports remains tense.
“Forecasters are predicting increased rainfall over the next seven days, which could cause further damage to soybean crops,” analysts told Commodity Insights.
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