Anec Raises Brazil’s March Soybean Export Forecast Closer to Record

Brazil’s soybean exports were estimated on Tuesday at 15.56 million tons for March—an adjustment of about 100 thousand tons compared to last week’s forecast—but still slightly below the all-time monthly record, according to figures released by the National Association of Cereal Exporters (Anec).

The highest soybean export for any month from Brazil, the world’s largest producer and exporter of the oilseed, was recorded in April 2021 at 15.7 million tons, based on Anec’s data.

Anec noted that the shipping schedule could potentially allow for shipments as high as 16.1 million tons, which would set a new record. However, for now the estimated loaded volume is considered slightly lower than indicated by the current “line-up.”

If confirmed, this forecast would represent an increase of about 2 million tons in Brazil’s soybean exports, following lower shipments during the first two months of 2024 due to an initial delay in the soybean harvest.

Expectations are that Brazil will export more than 100 million tons in 2025, buoyed by the confirmation of a record harvest nearing 170 million tons and strong demand from China, the largest importer—which is currently engaged in a trade war with the United States, according to the global exporter.

Meanwhile, Brazil’s export of soybean meal in March was estimated at 2.60 million tons, up from 2.38 million tons in last week’s projection. If the soybean meal export volume is confirmed, it will surpass the monthly record of 2.46 million tons registered in October of last year, with Anec’s data indicating an increase of more than 800 thousand tons compared to March of the previous year.

Source: Investing

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