Brazil: soy yields and crushing remain stable; exports show growth

The Brazilian Association of Vegetable Oil Industries (Abiove) has released its latest update on Brazil’s soybean complex as of August, showing stable soybean production while exports continue to climb.

The forecast for total soybean grain production remains steady at 153 million tonnes. Crushing is expected to reach 54.5 million tonnes, while soybean meal output is projected at 41.7 million tonnes and oil production at 11 million tonnes.

August Processing Figures

In August, soybean processing totaled 4.4 million tonnes, a slight drop of 1.6% compared to July 2024 and down 2.1% from August 2023, based on a sample adjustment of 90.6%. Year-to-date figures show a marginal decline of 0.6% compared to the same period last year, accounting for the sample adjustment.

Exports Continue to Surge

Soybean grain export volumes remain steady at 97.8 million tonnes. However, soybean meal exports saw a slight uptick of 100,000 tonnes, rising from 22 million to 22.1 million tonnes. Soybean oil exports also grew, with an additional 150,000 tonnes, increasing from 1.15 million to 1.3 million tonnes. Total revenue from soybean complex exports is forecast to reach USD 54.1 billion in 2024.

The chart below uses DataLiner-derived data to compare each month’s soy export volume at Brazilian maritime ports in the period comprising the first eight months of the year between 2021 and 2024. Readers may request a demo at Datamar’s website, linked below.

Soy Exports from Brazil | Jan 2021-Aug 2024 | WTMT

Source: DataLiner (click here to request a demo)

Rising Imports

To supplement domestic supply, soybean grain imports are projected to rise by 70,000 tonnes, reaching a total of 1 million tonnes. Soybean oil imports saw an even larger increase, growing by 100,000 tonnes to reach a total of 150,000 tonnes.

This growth in both exports and imports reflects Brazil’s continuing dominance in global soybean markets and the ongoing adjustments to meet both domestic and international demand.

Sources: O Presente Rural and Abiove

Original article avaiable at: https://opresenterural.com.br/producao-e-esmagamento-de-soja-se-mantem-estaveis-exportacoes-apresentam-crescimento/

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