Anec exporters group ups 1Q23 soy forecasts in Brazil

Brazil is expected to export 15.4 million tonnes of soybeans in March, an increase of around 500,000 tonnes compared to the previous week’s soy forecasts, said the National Cereal Exporters Association (Anec) on Tuesday, March 21, which now sees growth in the first quarter compared to 2022.

If the expectation is confirmed, Brazil should increase its exports in the first quarter of the year by around 330 thousand tonnes compared to the same period last year, thanks to a substantial increase of 3.2 million tonnes compared to the total shipped in March 2022, according to Anec data, which consider shipments and vessel scheduling.

Brazilian soybean exports are now estimated at 23.88 million tonnes for the first quarter, up from 23.55 million in the same period last year.

Such an increase in expectations takes place amid a record Brazilian harvest, which should exceed 150 million tonnes, up 20.6% compared to last year.

The expected increase in March happens with the country having harvested more than half of its soybean crop, although the pace of work is slower in 2023 compared to 2022.

Until last week’s forecast, Anec had seen growth in shipments in March but not in the quarter.

The increase in exports is in line with figures released by the government, which reported a rise in exports in the third week of the month.

See below Brazil’s exports of soybeans from Jan 2019 to Jan 2023, according to the DataLiner business intelligence service.

Soybean exports from Brazil | Jan 2019 – Jan 2023 | WTMT

Source: DataLiner (click here to request a demo)

If these forecasts are proven accurate, March will be the stage for one of the largest volumes of soy ever shipped by Brazil.

On the other hand, Anec reduced the soymeal export forecast to 1.79 million tonnes this month from more than 2 million in the previous assessment. Even so, there would still be a growth of 417 thousand tonnes from 2022.

The export of corn from Brazil, which is entering a period of lower shipments due to soy harvesting, was estimated at around 900 thousand tonnes, a slight increase over the previous week but an increase of nearly 800 thousand tonnes over the year.

Wheat shipments, in turn, remain firm, estimated in March at 727.8 thousand tonnes, an increase of more than 200 thousand tonnes compared to the same period in 2022.

Source: Isto É Dinheiro

To see more of the original report, go to: https://www.istoedinheiro.com.br/exportacao-de-soja-do-35/

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