The export of soy Brazil’s November shipping is expected to fall by almost half, according to the latest shipping schedule data from shipping agency Cargonave. The decline comes amid a record soybean crop in the United States, which is nearing harvest.
After an intense export campaign until October, Brazil shipped 93.5 million tons of soybeans, surpassing the 92.9 million tons exported in the same period in 2023. However, Cargonave data indicates a slowdown in November shipments and will be updated in the coming weeks.
Export growth amid competition
Brazilian soybean exports had been growing even after the record year of 2023, despite the world's largest producer and exporter having harvested a smaller crop in 2024 due to drought. Exports are expected to decline in November, coinciding with the large harvest in the US, which has already harvested 94% of soybean area as of last Sunday, according to data from the US Department of Agriculture (USDA). The United States competes directly with Brazil in the global soybean market.
Export projections for November
For November, Brazil's soybean exports are projected at 2.45 million tons. This volume represents a decrease of approximately 45% compared to October. Compared to the same period in 2023, the reduction is 47%.
Drop in corn exports
In addition to soybeans, Brazil's corn exports in November are also expected to fall. The reduction is expected both in the annual and monthly comparison, totaling 4.2 million tons, according to data from Cargonave. In November 2023, the country exported almost 7 million tons of corn. In October of this year, shipments totaled 5.66 million tons, according to the agency.
With a reduction in the national corn harvest, Brazilian exports of the cereal are expected to fall significantly in 2024. Until November, the expected volume for export is 33.5 million tons, well below the 50 million tons recorded in the same period last year.
Brazil to lose its position as the world's largest exporter in 2024
In 2023, Brazil became the world's largest grain exporter. However, Brazil lost this position to the United States in 2024, due to the large North American harvest.
Source: Roberto Samora | Notícias Agrícolas
