Brazil’s soybean exports to fall 24% in April, predicts Anec

Brazil’s soybean exports for April 2024 were estimated at 10.6 million tonnes on Wednesday (3). According to the National Association of Cereal Exporters (Anec), this figure marks a 24% decrease compared to April 2023.

April typically sees some of the highest monthly export volumes in Brazil. Analysts note that the country has already harvested over two-thirds of the annual crop.

However, Anec revealed in a statement to Reuters the reason for the potential decline in April shipments. “Regarding the market, the lower export levels that will inevitably occur this year are mainly due to the crop failure,” explained the association. Compared to March, the reduction in exports in April is projected at 2.9 million tonnes.

Expert opinions on Brazil’s soybean exports

According to Safras & Mercado analyst Luiz Fernando Roque, Anec reports take into account ship schedules. As a result, there is the possibility of new shipment bookings in the coming weeks, which would increase the total exported for the month. “I think the April number could approach 14 million tonnes,” he said.

Finally, despite the smaller crop compared to 2023, Roque believes there is “nothing serious, nothing related to significant supply and demand issues” that could have influenced the expected shipments. Brazil had already seen reduced shipments in March compared to the same month last year, at 13.56 million tonnes. However, ship scheduling had indicated, at some point weeks ago, higher exports.

Source: RIC

Click here to read the original news report: https://ric.com.br/ricrural/agronegocio/exportacao-de-soja-do-brasil-deve-cair-24-em-abril-preve-anec/

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