Brazil’s Soybean Exports Expected to Fall Nearly by Half in November, Says Cargonave

By October, Brazil had exported 93.5 million tonnes of soybeans, surpassing the 92.9 million tonnes exported in the same period last year. However, November shipments indicate a slowdown, with projections that will still be adjusted in the coming weeks.

Despite a smaller harvest in 2024 due to drought, soybean exports had been growing, driven by solid demand throughout the year. Now, estimates for November suggest exports will reach 2.45 million tons, a 45% drop compared to October and a 47% decrease compared to November of the previous year.

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)

Brazilian corn exports are also expected to decrease both month-on-month and year-on-year, with a forecast of 4.2 million tons for November. In the same month of 2023, Brazil exported nearly 7 million tons, a record year for the cereal. In October, corn exports totaled 5.66 million tons, according to Cargonave data.

By November, Brazil is expected to have exported 33.5 million tons of corn, compared to 50 million tons during the same period in 2023, reflecting a smaller harvest. As a result, the United States, having a large crop, has regained the lead in global exports— a position Brazil held in 2023.

Read more at: Forbes

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