Soybean exports to fall with lower production and use in biodiesel
Jan, 15, 2024 Posted by Gabriel MalheirosWeek 202403
The drop in Brazil’s soybean production estimate, announced on Wednesday by the National Supply Company (Conab), due to climatic problems in the main producing states, is also expected to lead to lower exports of the oilseed this year.
In addition, the National Energy Policy Council (CNPE) approved the increase in the amount of biodiesel in diesel, to 14% from 12%, which indicates that there will be an increase in domestic demand for soybean oil.
As a result, Conab reduced its export estimate by 3.13 million tonnes, to 98.45 million tonnes of grains.
The chart below used DataLiner data to show Brazilian soybean exports between Jan 2019 and Nov 2023.
Soybean Exports from Brazil | Jan 2019 – Nov 2023 | WTMT
The number of soybeans crushed was adjusted by 119,000 tonnes to 53.4 million tonnes, due to the increase in the proportion of biodiesel added to diesel.
Conab therefore expects ending stocks in 2023/24 to be 3.58 million tonnes, compared to 3.4 million tonnes at the end of 2022/23.
Stocks of soy meal are expected to total 3.27 million tonnes, compared to 1.6 million tonnes in the previous season, and oil stocks are expected to fall to 300,000 tonnes from 310,000 tonnes.
Report by Fernanda Pressinott and Translation by Marina Della Valle
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