Brazil Increases December Export Projections for Soybeans, Corn, and Soybean Meal

Brazil’s soybean exports are projected to reach 1.57 million tons in December, up from the 1.24 million forecasts released the previous week, according to a report by the National Association of Grain Exporters (Anec) published on Tuesday (10).

Even so, national shipments of the oilseed are expected to drop by over 50% compared to December 2023, a period when the country had a greater supply to sustain volumes during the off-season.

In December 2023, Brazil exported 3.79 million tons, contributing to an annual record of 101.3 million tons of soybeans exported. For 2024, Anec forecasts total shipments of 97.4 million tons, below last year’s record.

Brazil’s corn exports are projected at 3.96 million tons in December, compared to the previous estimate of 3.59 million tons. Despite the upward revision, the volume remains lower than the 6.46 million tons exported during the same period in 2023. For 2024, the forecast is 38.15 million tons exported, marking a significant decline from the 55.56 million tons recorded last year.

Brazil’s soybean meal exports are estimated at 1.9 million tons this month, an increase from the previous forecast of 1.44 million tons and close to the 2 million tons exported in December 2023.

This performance is expected to push Brazil to a new annual record for soybean meal exports, totaling nearly 23 million tons and surpassing the 22.3 million tons recorded in 2023.

Source: Notícias Agrícolas

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