Strong Chinese demand, Brazilian soybean exports almost doubled year-on-year in November

——Brazil exported 83.4 million tons from January to November, a year-on-year increase of 1%

Foreign media news on December 5: According to data from the Secretariat of the Brazilian Ministry of Foreign Trade (Secex), Brazil’s November soybean exports almost doubled year-on-year due to strong demand from China.

Secex reported that Brazil exported 2.59 million tons of soybeans from November 1 to 30, compared with 1.43 million tons in the same period last year.

In recent weeks, China has been buying large quantities of Brazilian soybeans. Secex data shows that China accounted for nearly 80% of Brazil’s total soybean exports in October, and this trend continued into November.

Chinese buyers are turning to Brazilian soybeans because U.S. soybean exports are still recovering from the effects of Hurricane Ida. Hurricane Ida, which swept through the coastal areas of Louisiana at the end of August this year, caused damage to grain export facilities in the Gulf of the United States. The subsequent large-scale power outages caused the export facilities to suspend operations for at least five weeks. The U.S. Gulf Port in New Orleans is the main export hub for U.S. soybean and corn exports, accounting for almost 60% of U.S. grain exports, because Midwestern grain merchants can use barges to move down the river and transport the newly harvested grains all the way. Port, and then sail across the ocean to destinations such as China. This year’s global ocean shipping logistics bottleneck has also affected the pace of US grain exports.

On December 1, the quotation of Brazilian soybeans for January 2022 at the port of Santos was estimated to be US$497.17/ton, while the price of US soybeans at the port of New Orleans was US$490.25/ton.

Secex data show that Brazil exported 83.4 million tons of soybeans from January to November 2021, an increase of 1% year-on-year, 70% of which was shipped to China. The Brazilian National Commodity Supply Company (CONAB) stated in its monthly report on November 11 that Brazil may export 85 million tons of soybeans in the 2021 calendar year, the same as last year.