Brazil’s Agricultural Export Dynamics: Sugar High, Beef Up, Corn Low
In March, Brazil’s exports of sugar and molasses reached 2.179 million tons, generating revenues exceeding $1.477 billion.
This performance marks a significant increase of 48% over the same period last year, as reported by the Foreign Trade Secretariat (Secex).
This uptick is part of a trend that saw sugar exports in the previous month hit 3.017 million tons.
Additionally, the export rate per day for sugar products saw a substantial rise of nearly 48.8%, with the price per ton reaching $543.50, showing a 19% increase.
In the realm of beef, April saw a notable rise in exports by 33.79%, totaling 166.3 thousand tons.
Despite this volume increase, the average price per ton dropped to $4,529, a 5.9% decrease from the previous year.
The total revenue from beef exports by the end of March was $753.322 million, up from $598.494 million the year before, with daily earnings showing a 25.9% improvement.
Conversely, corn exports in March experienced a significant decrease of 32.3% year-over-year, totaling 431,307.9 tons.
This downturn is a sharp contrast to the previous March’s 1.335 million tons.
Looking ahead, the National Association of Cereal Exporters (Anec) forecasts a 32% reduction in corn exports for 2024.
They estimate around 38 million tons compared to the record 56 million tons in 2023.
Financially, the revenue from March’s corn exports was $110.417 million, markedly lower than the $401.744 million from the same month last year. The average daily revenue fell by 72.5%.
The average sale price for Brazilian corn also saw a decline of 14.9%, from $300.90 to $256.00 per ton.
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