Soybean stocks in Brazil are higher than last year

The stocks of soybeans in Brazil by the beginning of January are estimated at 4.9 mln tonnes, compared to 3.7 mln tonnes in the same period last year. Such estimates were made public by the analysts of the national association of vegetable oil producers Abiove.

Experts note that the high stocks of the oilseed can become the driver for the increase of the crop shipments in the current month.

For example, the exporters’ group Anec assumes that in January the country will export at least 1.3 mln tonnes of soybeans. The increase to the level of January 2023 may be about 40%.

At the same time, according to Safras&Mercado, 2 mln tonnes of oilseeds were registered for export this month, although analysts are not sure that Brazil will be able to ship the specified volume. Some of the raw materials may be shipped for the needs of the processing sector.

Tags: Brazil, soybean, stocks