ANEC reduces forecast for soybean exports in November but raises forecast for corn

Soybean exports from Brazil should reach 2.51 million tons in November, around 100,000 tons below the forecast for the previous week, according to data from ANEC (the national association of cereal exporters) released on the 17th.

If confirmed, the volume should exceed the total exported in the same month last year by 1.7 million tons.

YTD soy exports are estimated at a record 84.5 million tons, already surpassing the total for the full year of 2020 (82.3 million).

In the case of corn, ANEC raised its forecast for October shipments to 3.08 million tons, versus 2.65 million in the previous week’s forecast. This will still mean a drop of 1.86 million tons year-on-year , with the lower offer due to crop failure.

YTD corn shipments through November are projected at 17.6 million tons, compared to 33.4 million in the full year of 2020.

Source: Money Times

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