According to Infobae portal, Brazil’s soybean exports would reach 8.3 million tonnes in February, a drop from the same period last year due to a slower harvest pace in 2023, according to data from grain exporters’ association Anec published on Wednesday.
As of last week, Anec was projecting soybean exports of up to 9.39 million tonnes this month, a volume that would exceed February 2022’s 9.1 million tonnes.
The estimate is based on the total volume already shipped this month and forecast shipments in the coming days.
The volume of 8.3 million tonnes is at the high end of the forecast range. At the low end, Brazil would export 7.6 million tonnes of soybeans in February.
Anec did not detail the reasons for the downgrade.
By Thursday last week, Brazil had harvested about a quarter of its soybean area, down from 33% at the same time last year.
However, the total area planted in the current crop grew 4.4% to 43.3 million hectares, according to data from the national supply company Conab.
Corn exports for February were estimated at 1.99 million tonnes, down from last week’s forecast of 2.11 million but still above the 1.5 million tonnes exported a year ago.
Brazil’s soybean meal exports were estimated at 1.54 million tonnes, down from 1.86 million tonnes in the previous week’s estimate.
If confirmed, the country’s shipments would remain unchanged from February 2022.
Brazil’s February wheat exports should reach 670,400 tonnes, still below February 2022’s 900,000 but above the previous week’s projection of 489,600 tonnes.
With information from America Retail