Brazil Soy Exports Exceed 100 Million Tons In 2023

The year 2023 presented record-breaking numbers for Brazil’s soybean, soybean meal, and corn exports. According to data from the National Association of Cereal Exporters (Anec), which updates its projections weekly based on port line-ups, the country shipped 101.3 million tons of soybeans abroad, exceeding the 77.8 million sold internationally in 2022.

Regarding soybean meal, shipments increased from 20.3 million tons to 22.7 million tons by the end of 2023.

Brazil also achieved an unprecedented volume of corn exports, reaching 55.6 million tons compared to the 44.6 million exported in 2022. In contrast, wheat exports decreased from 3.2 million tons to 2.4 million.

Anec’s data confirms China is the primary buyer of Brazilian grains. China was the destination for 75% of all Brazilian soybeans sent abroad. The Asian giant also accounted for the majority of corn purchases last year, with a 31% share.

January Projections

As a result of a record harvest last year, corn exports are expected to remain strong in January. Anec forecasts shipments of 3.3 million tons, slightly below the 4.8 million sold in the same period last year.

Soybean exports, on the other hand, are projected to grow to 1.3 million tons, up from 944.3 thousand recorded in January 2023. For soybean meal, shipments are expected to increase from 1.4 million tons to 1.7 million.

As for wheat, January is anticipated to close with exports of 603.5 thousand tons, in line with the 651.1 thousand tons from the previous year.

Source: Globo Rural

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