Brazilian soybean exports fall in September

Brazil exported 4.44m tons of soybeans in September, down 2.6% year-on-year and 16.5% in the month, according to Brazil’s Secretariat of Foreign Trade, Secex.

Secex data show that Brazil exported 60.75m tons of soybeans during the first nine months of this year, down 12% when compared to last year.

Since January, Brazil has sent 76% of its soybeans to China. Other major export destinations were Spain, Turkey, Thailand, Iran, and the Netherlands.

Brazil is the world’s largest soy exporter, while China is the largest importer, accounting for over 60% of global soybean purchases.

With continuing US-China trade tensions and uncertainty looming over the US soybean crop, Brazil has a clear advantage in the Chinese soybean market, sources said. However, rising soybean prices, higher domestic demand for crushing and depleted inventories may limit the growth of Brazilian exports in the last quarter of 2019.

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