Brazilian Grains Association Reduced Soybean Export Estimate to 98 Mln T

The National Grain Exporters Association (Anec) has revised its 2024 soybean export forecast down to 98 million tonnes. According to its monthly report, Brazil is expected to ship 96 million tonnes by November, leaving approximately 2 million tonnes for December.

For November, Anec projects soybean exports of 2.45 million tonnes, marking a 46.6% decrease from the 4.59 million tonnes shipped in November 2023. October shipments totaled 4.44 million tonnes, a drop of 1.5 million tonnes compared to 5.95 million tonnes in the same month last year. For corn, the forecast for November is 4.77 million tonnes, with a possible range between 4.24 million and 5.3 million tonnes.

This volume represents a decrease of 2.22 million tonnes compared to November 2023, when 6.99 million tonnes were shipped. Anec expects total corn exports in 2024 to reach 33.9 million tonnes, with 29.2 million tonnes shipped by the end of October. The November shipment estimate for soy meal is 1.56 million tonnes, a drop of 367,000 tonnes compared to November last year (1.92 million tonnes). Annual exports of soybean meal are projected at 20.8 million tonnes.

The following chart explores Brazil’s export volume of corn in the period comprising January through August between 2021 and 2024. The data comes from DataLiner.

Corn Exports from Brazilian Ports | Jan-Aug 2021 vs. Jan-Aug 2024 | WTMT

Source: DataLiner (click here to request a demo)

During the week of November 3-9, Brazil is expected to ship 656,112 tonnes of soybeans, 647,475 tonnes of soybean meal, and 1.8 million tonnes of corn.

Source: BOL

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