Grains

Brazil: soy exports expected to total 99 million tonnes in 2024

Sep, 28, 2023 Posted by Gabriel Malheiros

Week 202339

Brazil’s soybean exports are expected to total 99 million tonnes in 2024, up from 98 million in 2023, representing a 1% increase between seasons. The forecast is part of Safras & Mercado’s Brazilian supply and demand overview.

The consultancy predicts a 4% increase in soybean crushing, from 53 million tonnes in 2023 to 55 million in 2024. As for imports, a drop from 130,000 to 110,000 tonnes is expected between the two seasons.

Regarding the total oilseed supply, the projection indicates a 6% increase, reaching 168.871 million tons. Total demand is projected at 157.7 million tonnes, a 2% increase from the previous year. Final stocks are expected to rise by 103%, from 5.5 million to 11.2 million tonnes.

By-products

Soybean meal production is forecasted at 42.3 million tonnes in 2024, a 4% increase. Exports are expected to decrease by 2% to 21.5 million tonnes, while domestic consumption is projected to rise by 8%, reaching 20 million tonnes. Stocks are trending upwards, with a 36% increase to 3.03 million tonnes.

The consultancy also indicates a 3% increase in soybean oil production, totaling 11.1 million tonnes. Brazil is set to export 2.05 million tonnes, marking a 9% decline. Domestic consumption is expected to rise by 5% to 9 million tonnes, with a 13% increase to 4.5 million tonnes for biodiesel use. Stock forecasts show a 13% increase to 615,000 tonnes.

Source: Globo Rural

To read the original news report, please visit: https://globorural.globo.com/agricultura/noticia/2023/09/exportacoes-de-soja-devem-totalizar-99-milhoes-de-toneladas-em-2024.ghtml

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