Anec Cuts January Brazil Soy Export Forecast but Still Sees Record

Brazil’s soybean exports in January were estimated on Tuesday at 3.23 million tonnes, about 500,000 tonnes below last week’s projection, but still set to mark a record for the first month of the year, according to the National Association of Cereal Exporters (Anec).

Shipments from the world’s largest producer and exporter of soybeans are expected to nearly triple compared with last year, amid expectations of a record harvest.

The previous January record was set in January 2024, with 2.4 million tonnes, Anec said.

Last year, when carryover stocks were smaller, January shipments totalled 1.12 million tonnes.

Brazil is in the early stages of harvesting the new crop but ended last year with larger inventories following a record output.

The increase in shipments comes amid expectations of another record crop, at a time when Brazil holds a price advantage over the United States and benefits from strong demand from China, specialists told Reuters.

Brazil’s soybean meal exports are expected to reach 1.78 million tonnes in January, down from 1.82 million tonnes in last week’s forecast. In the same month last year, shipments totalled 1.64 million tonnes.

Corn exports, meanwhile, were forecast at 3.39 million tonnes in January, slightly lower than the previous week’s estimate but still more than 200,000 tonnes higher year on year.

(By Roberto Samora and Isabel Teles)

Source: Notícias Agrícolas 

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