Soybean exports from Brazil plummet in early January

According to government data, the daily average of soybean exports from Brazil reached 38.03 thousand tonnes by the third week of January, a significant decrease from the 116.76 thousand exported per day in January last year.

The performance occurs against a backdrop of lower stocks available for export and a slow start to the oilseed harvest in the MY 2022/23.

On the 23rd, the AgRural consultancy indicated that 1.8% of the national soybean crops had been harvested up to the previous Thursday versus 4.7% in the same period of the last year, with a longer cycle due to periods of drought during the planting. Some episodes of rain also affected the work of harvesters in Mato Grosso.

The consultancy also reduced its grain production forecast for this season by 700,000 tonnes, though it would still represent a record 152.9 million tonnes.

On the other hand, Secex data showed that 4.22 million tonnes of corn were exported in the first three weeks of the month, against 2.73 million in January 2022. The daily average more than doubled to 281.3 thousand tonnes, with China driving demand.

Among the other highlights, foreign oil sales have already surpassed those of January 2022, with 5.05 million tonnes sold in the first three weeks of the month, compared to 4.19 million in the entire month of January 2022.

Source: Canal Rural

To read the original reporting, access: https://www.moneytimes.com.br/exportacao-de-soja-do-brasil-despenca-em-janeiro-ate-3a-semana-do-mes/

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