Soybean exports up 34% in October

Brazilian soy exports totaled 2.92 million tons last month, 34.4% more than in October 2020, according to a report by ANEC (the national association of cereal exporters) on November 3rd. In the first 10 months of 2021, the volume reached 81.9 million tons, an increase of 0.6% compared to the same period last year, In the full year of 2020, 82.3 million tons were exported.

This November, grain shipments should reach 1.93 million tons based on current port schedules. If the projection is confirmed, it will be an increase of 150.6% compared to November 2020.

See the chart below for a history of Brazilian soy and corn exports from 2019 onwards. Data are from DataLiner:

Brazilian Soy and Corn Exports (HS 1201 and 1005) | Jan 2019 to Sep 2021 | WTMT

Source: DataLiner (To request a DataLiner demo click here

Corn exports, on the other hand, are decreasing. This was expected, given the two major crop failures in Brazil this year. Exports in October totaled 1.85 million tons, down 59.1% compared to the same month in 2020.

From January to October 2021, 14.5 million tons of cereal were shipped abroad compared to 24.6 million tons in the same period last year. This represents a decrease for the year of 41%, in line with market expectations. For November, the forecast is for a decrease of 60.2%. ANEC estimates that 1.96 million tons will be exported.

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