Brazil is expected to export only 1.24 million tons of soy in December. The National Association of Cereal Exporters (Anec) announced this Thursday that Brazil exported 3.79 million tons in the same month of 2023, a volume significantly higher than that predicted for this year.
Furthermore, for the year 2024, the world's largest soybean producer and exporter forecasts total exports of 97.1 million tonnes. This number is below the initial estimate of 98 million, released in early November.
On the other hand, if the projection is confirmed, based on the ship schedule, Brazil will see a 4% reduction in soybean exports. This decline will be compared to the record achieved in 2023. In that year, Brazil exported 101.3 million tons.
Drop in corn exports
Anec estimated that Brazil will export 3.6 million tons of corn in December, a reduction of almost 3 million tons compared to the same period in 2023.
As a result, the total forecast for the year fell to 37.6 million tons. The volume is below the previous projection released by Anec in November, which estimated 39.5 million tons.
In 2023, Brazil consolidated its position as the world's largest corn exporter, with record shipments of 55.56 million tons. Weather issues negatively impacted both crops — soybeans and corn — in 2024, resulting in volumes below potential.
Soybean meal: New record in 2024
While soybean and corn exports are falling, soybean meal is reaching new historical levels. Anec projected exports of the byproduct at 1.44 million tons for December. This volume represents a reduction of more than 500 thousand tons compared to the same month in 2023.
Still, the total volume projected for 2024 is 22.4 million tonnes, slightly surpassing the previous record of 22.35 million achieved in 2023.
Reuters published a report in November that has since indicated the possibility of a record soybean meal. In addition, the highlight was the momentum generated by a commercial rush. This movement occurred especially before the entry into force of the European Union (EU) anti-deforestation law. However, the law, initially scheduled for the end of 2024, has been postponed.
On the other hand, the EU remains the main destination for Brazilian soybean meal. Thus, this dynamic further consolidates Brazil's strategic position in the international market.
Source: Roberto Samora | Notícias Agrícolas
