Brazil’s soybean exports in February are estimated at up to 8.3 million tonnes, a drop from the same period last year amid a slower harvest in 2023, according to data from grain exporters association Anec released.
Up until last week, Anec projected soybean exports of up to 9.39 million tonnes this month, a volume that would surpass the 9.1 million tonnes of February 2022.
The estimate is based on the total volume already shipped this month and the forecast of shipments for the next few days.
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The volume of 8.3 million tonnes regards the top of the range of the forecast. At the lowest end, Brazil would export 7.6 million tonnes of soybeans in February.
Anec did not detail the reasons for the reduction. By Thursday of last week, Brazil had harvested about a quarter of its soybean area, versus 33% at the same time last year.
However, the total area planted in the current crop grew 4.4% to 43.3 million hectares (107 million acres), according to data from the national supply company Conab.
Corn exports for February were estimated at 1.99 million tonnes, down from last week’s forecast of 2.11 million, but still above the 1.5 million tonnes exported a year ago.
Brazil’s soymeal exports were estimated at 1.54 million tonnes, versus 1.86 million tonnes in the previous week’s estimate. If confirmed, the country’s shipments would be flat from February 2022.
Wheat exports from Brazil in February should reach 670,400 tonnes, still below the more than 900,000 tonnes of February 2022, but above the previous week’s projection of 489,600 tonnes.
Source: Reuters (Reporting by Roberto Samora Editing by Marguerita Choy)
