Soybean exports surge to record figure in first quarter of the year

Brazilian soybean exports surged to a record high of 22.09 million tons in the first quarter, marking a remarkable 15.7% increase compared to the same period in 2023, as reported by Secex data.

Experts at Cepea attribute this robust performance to forward contracts negotiated in 2023, which have translated into strong export numbers.

Industry analysts anticipate that the momentum in national soybean shipments will continue, driven by the strengthening of the dollar against the Brazilian Real.

However, despite the positive export figures, the average price received for soybean exports in the first quarter of 2024 was R$136.30 per 60 kg bag, representing the lowest level since 2019 when adjusted for inflation by the IGP-DI of Mar/24.

On the domestic front, buyers are exercising caution, wary of increased supply from Argentina and the potential need for Brazilian producers to make room in their warehouses.

Meanwhile, sellers are approaching negotiations involving large volumes with caution, given the challenges of lower productivity and high costs associated with the current harvest.

Source: O Presente Rural

Click here to be redirected to the original publication in Portuguese: https://opresenterural.com.br/exportacoes-de-soja-do-primeiro-trimestre-atingem-recorde-para-o-periodo/

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