Brazil’s 2024 Soybean Exports to Drop, Says Safras

Safras & Mercado’s recent update to Brazil’s soybean output forecast has led to minor adjustments in supply and demand perspectives.

In 2024, Brazil might export 94 million tons of soybeans. This is less than the 101.86 million tons shipped in 2023, a 7.7% fall.

Safras & Mercado shared these numbers, consistent with their earlier report. They expect soy crushing to reach 54.3 million tons in 2024.

This is slightly up from 53.74 million tons in 2023, a 1% rise. Their February report also showed these figures.

The firm sees soy imports hitting 650,000 tons in 2024. This is up from 181,000 tons in 2023.

Next year, total soy supply could drop 6% to 154.317 million tons, and demand might fall 5% to 151.3 million tons from the previous year.

As a result, end stocks could decrease 40%, from 5.066 million to 3.017 million tons.

Regarding soy meal and oil, Safras & Mercado forecasts a 1% rise in soy meal output to 41.68 million tons in 2024.

Meal exports could decrease by 7% to 21 million tons. Yet, home use may grow by 3% to 18.5 million tons. Stocks are likely to jump 81% to 4.88 million tons.

Soy oil production should stay near 10.96 million tons. The country’s soy oil exports might fall 36% to 1.5 million tons.

Home consumption could go up 10% to 9.5 million tons. Biodiesel use might increase 18% to 5.2 million tons. Stocks are seen dropping 4% to 535,000 tons.

This matters because it shows Brazil’s role in the global soy market is changing. These shifts affect supply chains, prices, and economic trends worldwide.

The data connects global trade dynamics with local agricultural practices, highlighting the importance of Brazil’s soy industry to the world.

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