Brazil could be the biggest global exporter of soybean meal in 2022/23, says Cepea

Soybean meal prices rose in the Brazilian market in part of July (until the 17th), driven by firm external demand. The increased demand for soybean meal in Brazil is linked to the reduction in oilseed processing in Argentina – which may be the lowest in the last 18 seasons – and the greater demand for domestic consumption in the neighboring country, which should be a record.

As a result, according to the USDA (United States Department of Agriculture) report released on July 12, Brazil should increase its soybean meal exports to 21.5 million tons in the 2022/23 season (from October/22 to September/23), thus becoming the world’s largest supplier of this by-product, ahead of Argentina (which is currently the main global exporter of soy derivatives). It is worth noting that Brazil has not led external bran sales since the 1997/98 harvest.

The chart below shows Brazil’s soybean and soymeal exports between Jan 2019 and May 2023, according to the DataLiner service.

Brazilian soy and soymeal exports | Jan 2019 – May 2023 | WTMT

Source: DataLiner (click here to request a demo)

According to Secex, in the partial season (until June/23), 15.26 million tons of oil have already left Brazilian ports – in addition to being a record for the period, this volume represents 71% of what was projected by the Department. As a result, soybean meal export premiums rose in Brazil, indicating greater growth for long-term contracts. Thus, considering the average of the regions monitored by Cepea, derivative prices rose 1% between the averages of June and the partial of July (until the 17th).

Source: O Presente Rural

To read the full original report, visit: https://opresenterural.com.br/brasil-pode-ser-o-maior-exportador-global-de-farelo-de-soja-em-2022-23-aponta-cepea/

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