RIO DE JANEIRO, BRAZIL – (SPglobal) Brazil exported 4.44 million metric tons of soybeans in September, down 2.6 percent year on year and 16.5 percent on the month, according to the Secretariat of Foreign Trade of Brazil, or Secex.
During the first nine months of this year, Brazil exported 60.75 million tons of soybeans, down 12 percent on the year, the Secex data showed.
Since January, Brazil has shipped 76 percent of the soybeans it produced to China. Other major export destinations have been Spain, Turkey, Thailand, Iran, and the Netherlands.
Brazil is the world’s largest soybean exporter, while China is the biggest importer, accounting for over 60% of global soy purchases.
With the ongoing US-China trade tensions and uncertainty hanging over US soybean harvest, Brazil has a clear advantage in the Chinese soy market, sources said.
However, rising soybean prices, higher domestic demand, and depleting inventories may limit the Brazilian export growth in the last quarter of 2019.
(Source: SPglobal)