Brazil forecast to set record for sugar and soy exports in 2020/21

According to a United States Department of Agriculture (USDA) report, Brazilian sugar exports are expected to reach a record 32.02 million tons in 2020/21, an increase of 66% in relation to the previous year.  This increase is due to the country’s large exportable sugar surplus and the steady demand from countries that import Brazilian sugar. Exports during the 2019/20 harvest were estimated at 19.28 million tons.

“Despite the Covid-19 pandemic and the logistical obstacles at the ports including long waiting times for loading, the significant devaluation of the real against the dollar kept the Brazilian product competitive”, says the report, which predicts that raw sugar represents 25.62 million tons of the exports this season.

Brazilian Sugar Exports | Jan to Aug 2020 | WTMT

Soy

The USDA estimates that Brazil’s oilseed crop in 2020/21 should reach a record harvest of 131 million tons due to the increase in the cultivated area. According to the agency, 125.6 million tons were harvested in Brazil in 2019/2020.

Record exports of 85 million tons are also expected in the 2020/21 season, “easily exceeding the previous record established in 2017/18, when Brazil exported 83.7 million tons”. In the 2019/20 season, Brazil exported 82 million tons of soy.

Source: Reuters

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