Brazil Expected to Lead Global Soybean Meal Exports in 2022/23

According to estimates from the Rosario Stock Exchange (BCR), Brazil is set to consolidate its position as the world’s top exporter of soybean meal in 2022/23, with an estimated 21.5 million tonnes shipped abroad. This volume would even surpass Argentina’s 400,000 tonnes, as the neighboring country is expected to total 21.1 million tonnes for the season, approximately 21% less than the previous cycle. Since 1997/1998, Argentina has led soybean meal exports, the country’s primary export product. However, dry conditions affecting production have caused them to be overtaken.

In August, the BCR had already reported that Brazil had reclaimed its position as the leading exporter of soybean meal after 26 years, considering volumes from January to July. During that period, Brazil shipped 13.3 million tonnes, while Argentina, hampered by drought, managed only 10.9 million tonnes. “Although local production totaled 30.3 million tonnes in the 2021/22 campaign, this volume has decreased by 22% to just 23.6 million tonnes in the current cycle, marking the lowest production level since 2004/05,” explains the Argentine stock exchange. It also notes a projected recovery in soybean harvests for the next campaign, with production expected to grow by around 14%.

The chart below shows soybean (whether or not in meal form) exports from Brazil between Jan 2019 and Aug 2023. The data is from DataLiner.

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

Source: DataLiner (click here to request a demo)

Argentina ranks as the world’s fourth-largest producer of soybean meal but stands out as one of the leading exporters. This distinction arises because, unlike China, the United States, and Brazil, which produce more than they consume, Argentina’s domestic consumption is lower than its total production. This allows the country to export a larger product share, as the BCR highlights.

Source: BroadCast AGRO

Click here to read the original news report: http://broadcast.com.br/cadernos/agro/?id=VUdmRW51dGoxSktoY3hiM0hOZmw4UT09

Sharing is caring!