Anec estimates Brazilian corn exports at 6.29 million tons in August

According to estimates released this Wednesday (07) by the National Association of Cereal Exporters (Anec), Brazil’s corn exports are predicted to reach 6.29 million tons in August, nearly 3 million tons less than the 9.25 million tons shipped in the same period last year.

The organization projects 7.84 million tons of soybean exports this month, up from 7.57 million tons in the same month in 2023. 1.96 million tons of bran are anticipated for shipments, slightly less than the 1.97 million tons recorded last year.

Furthermore, new data released this Wednesday by the Brazilian Association of Vegetable Oil Industries (Abiove) indicates that Brazil anticipates consuming more soybean oil domestically and exporting more soybean meal in 2024 than expected.

For 2024, Abiove kept its monthly projections for Brazil’s soybean harvest, exports, and processing unchanged. Brazil is expected to export 21.8 million tonnes of soybean meal, up 100,000 tonnes from the previous record of 22.47 million tonnes in 2023, when the country harvested an all-time high amount of the oilseed. “The reasons for the increase in bran exports are the reassessment of external demand, especially in Asia,” Abiove stated.

Due to increased demand for the production of biodiesel, the association that represents traders and industries also increased its prediction for Brazil’s consumption of soybean oil by 200,000 tons, to 9.9 million tons, from 8.7 million tons last year. Abiove lowered its estimate for final soybean oil stocks to 312,000 tons, the same amount as the increase in consumption because the production forecast remained unchanged.

Abiove did not alter its estimate of 153.2 million tons for Brazil’s harvest. Due to weather issues, the harvest that was finished at the end of the first half of this year was far less than the record of 160.3 million tons set last year.

The following chart uses DataLiner-derived data to show the month-on-month progression of corn shipments from Brazil between January 2021 and June 2024. A demo is available upon request through the link below.

Corn Export Volume | Jan 2021 – Jun 2024 | WTMT

Source: DataLiner (click here to request a demo)

The year’s export target was kept at 97.8 million tons, down from 101.87 million tons the year before, and processing at 54.5 million tons, up over 300 thousand tons from the previous season.

Source: MSN

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