Brazil’s soybean exports recorded second largest volume ever in May

Brazilian soybean exports totaled 15.6 million tons in May, the second largest monthly volume in history, second only to shipments recorded in April 2021, the Secretariat of Foreign Trade (Secex) reported yesterday.

In addition to a record harvest, Brazilian oilseed shipments are driven by international demand.

According to Secex data, even the United States, which ranks second in soybean production and exports behind Brazil, is seeking the product at Brazilian ports, with prices pressured by the abundant harvest attracting buyers.

Brazil is also seeing additional demand from Argentina, where the crop suffered severe losses due to drought. The neighboring country has a large processing industry and is importing more of the oilseed this season to satisfy soybean meal and oil buyers.

According to the state-owned National Supply Company (Conab), this year’s Brazilian soybean harvest should grow 23.3 percent compared to last year and reach 154.8 million tons.

According to Secex, Brazilian exports increased by 5 million tons compared to May last year after reaching significant volumes in April (14.3 million tons).

The monthly volume shipped by the country is only behind the exports recorded in April 2021 (16.1 million tons).

Market expectations are for soybean exports this year to exceed 90 million tons, also a historical level.

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