ANEC: Brazil to break record for soy exports in November

Brazil should export around 2.6 million tons of soybeans in November, which will raise the total shipped in the 11 months of the year to 84.56 million tons, a new annual record for the country, according to data from ANEC (the national association of cereal exporters) released on Tuesday.

In 2020, Brazil exported 82.3 million tons, very close to a 2018 record of 82.88 million tons, according to ANEC figures.

Up until last week, the forecast for Brazilian soybean exports in November was 1.93 million tons, which would raise the total accumulated for the year to 83.8 million tons.

Soybean exports from Brazil advanced in 2021 thanks to a favorable exchange rate for exports and a large supply. The country harvested a record oilseed crop of about 137 million tons, according to government figures.

About 70% of Brazilian exports this year were destined for China, followed by Spain (4%), Netherlands (4%), Thailand (3%). and Turkey (3%), among other minor destinations, according to ANEC.

In the case of corn, exports were estimated at 2.65 million tons in November, according to data from ANEC this Tuesday. It would be the first time since January that the country would ship as much corn as soybeans in a month.

But cereal exports, even so, will be far from the best annual historical records in the country, above 40 million tons, as the harvest was compromised by drought and frost.

The forecast for January to November is for 17.2 million tons of corn exported, about half compared to 33.4 million for the whole year of 2020.

Source: Money Times

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