Soybean exports in Brazil to peak in May

The export of soybean from Brazil in May was estimated on Tuesday, May 9, at 15.35 million tons, which would be the highest monthly volume recorded so far this year, according to data from the National Association of Cereal Exporters (Anec), which increased by more than 3 million tons the projection compared to the previous week.

In April, Anec estimates that Brazilian exports totaled 13.96 million tons, while in March the shipments totaled 14.39 million tons, about half the volume of February when the harvest was still in its initial phase.

According to the director general of Anec, Sergio Mendes, the increase in estimates for May takes into account several factors, such as an improvement in the flow of sales by producers, more favorable weather conditions for shipments in ports, and negative premiums in Brazil that attract importers.

He said that Brazil still needs to accelerate shipments since Anec expects the country -the largest producer and exporter of soybeans in the world- to export a record 93 million tons in 2023.

He recalled that in previous months exports were lower than estimated for May because the harvest was “late”. He also commented that the production sector tried to hold sales as long as possible, but there is a storage deficit aggravated by the record harvest that influences business.

With exports projected for May, the total shipped by Brazil until the end of the month is projected at 52.2 million tons.

Soybean exporters also see pressure to accelerate shipments in light of the expectation of a large corn crop that will arrive starting in June.

The forecast for Brazilian soybean meal exports in May was also raised to 2.37 million tons, versus 2.2 million tons estimated in the previous week. In the year, shipments of this product totaled 8.6 million tons.

Source: Money Times

To read the full story, access: https://www.moneytimes.com.br/exportacao-de-soja-do-brasil-deve-atingir-maior-nivel-do-ano-em-maio-diz-anec/

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