Brazil: soy exports expected to total 99 million tonnes in 2024

Brazil’s soybean exports are expected to total 99 million tonnes in 2024, up from 98 million in 2023, representing a 1% increase between seasons. The forecast is part of Safras & Mercado’s Brazilian supply and demand overview.

The consultancy predicts a 4% increase in soybean crushing, from 53 million tonnes in 2023 to 55 million in 2024. As for imports, a drop from 130,000 to 110,000 tonnes is expected between the two seasons.

Regarding the total oilseed supply, the projection indicates a 6% increase, reaching 168.871 million tons. Total demand is projected at 157.7 million tonnes, a 2% increase from the previous year. Final stocks are expected to rise by 103%, from 5.5 million to 11.2 million tonnes.

By-products

Soybean meal production is forecasted at 42.3 million tonnes in 2024, a 4% increase. Exports are expected to decrease by 2% to 21.5 million tonnes, while domestic consumption is projected to rise by 8%, reaching 20 million tonnes. Stocks are trending upwards, with a 36% increase to 3.03 million tonnes.

The consultancy also indicates a 3% increase in soybean oil production, totaling 11.1 million tonnes. Brazil is set to export 2.05 million tonnes, marking a 9% decline. Domestic consumption is expected to rise by 5% to 9 million tonnes, with a 13% increase to 4.5 million tonnes for biodiesel use. Stock forecasts show a 13% increase to 615,000 tonnes.

Source: Globo Rural

To read the original news report, please visit: https://globorural.globo.com/agricultura/noticia/2023/09/exportacoes-de-soja-devem-totalizar-99-milhoes-de-toneladas-em-2024.ghtml

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