Brazil’s soybean exports fall in March, but soared 36% in Q1
Foreign media, April 5 news: Brazil’s foreign trade secretariat (SECEX) released government data showing that Brazil’s soybean exports in March fell by nearly 400,000 tons compared with the same period last year, but exports in the first quarter reached 21 million tons, a year-on-year increase. up 36.5%.
Brazil exported 12.3 million tons of soybeans in March, accounting for the majority of exports in the first quarter of this year.
However, Brazil’s soybean exports in 2022 started earlier, with nearly 9 million tons exported in the first two months, while in 2021, due to the delayed soybean harvest, exports in January and February totaled only 2.7 million tons.
Consultancy StoneX forecast on Friday that Brazil’s soybean exports in 2022 are estimated at 76 million tonnes, while exports in 2021 will hit an all-time high of more than 86 million tonnes. This means that while Brazil’s soybean exports are off to a strong start this year, they may stall in the second half of the year as this year’s harvest is affected by severe drought.
Brazil’s domestic crush profits are strong this year, according to estimates from the Brazilian Vegetable Oil Industry Association (ABIOVE) this week.
Although soybean exports in March fell year-on-year, Brazil’s soybean export revenue rose to $6.5 billion in March from $5 billion in the same month last year due to higher soybean prices.
Brazil exported just 14,000 tonnes of corn in March, but if second-crop corn can reach the expected record level, the pace of corn exports later in the year after a period of low stocks in early 2022, according to the Secretariat of Foreign Trade, will show will speed up. Rabobank sees the possibility of Brazil’s corn exports reaching a record 42 million tonnes in 2022/23.
Brazil’s wheat exports rose as high as 800,000 tonnes in March as a record 2021 Brazilian wheat crop and a disruption to Black Sea exports due to the Russian-Ukrainian conflict spurred additional demand.