In the first half of 2024, Brazil’s soybean exports rose by 2.23%, reaching 64.15 million tons despite a smaller harvest due to adverse weather.
This increase, reported by the Ministry of Foreign Trade (Secex), contrasts with the country’s declining corn exports.
June saw Brazil shipping 13.95 million tons of soybeans, slightly more than the same month last year.
However, forecasts suggest a gradual reduction in soybean exports in the year’s second half.
The National Association of Cereal Exporters (Anec) projects around 9.5 million tons of soybean exports for July.
The 2024 soybean harvest is estimated at 152.5 million tons, down from last year’s 160.3 million tons (Abiove).
Abiove expects annual soybean exports to drop by 4 million tons, reaching 97.8 million tons in 2024.
Abiove projects 33.65 million tons of soybeans will be exported in the second half, averaging 5.6 million tons monthly, allowing more corn exports.
Corn exports totaled 8.35 million tons in the first half, a 28.2% drop from last year.
This decrease follows a record-setting 2023, with Brazil exporting over 100 million tons of soybeans and 55 million tons of corn.
Brazil’s Soybean Exports Up 2.2% in First Half, Corn Down 28%
Agroconsult predicts Brazil will export 42.1 million tons of corn in 2024, needing 33.75 million tons in the second half at 5.6 million tons monthly.
The annual decline in corn exports is also due to increased competition from Argentina and reduced demand from China.
This export shift matters as it impacts global commodity markets, influencing prices and supply chains.