Brazil soybean, corn exports advance, corn deficit narrows

Soybean shipments alone total 5.7 million tonnes through the third week of August

Brazilian soybean exports totaled 5.7 million tonnes through the third week of August, as the corn export deficit to soybean shipments narrowed, customs data showed late Monday, August 21.

Soybean exports

The average pace of soybean shipments per working day was 383,990 tonnes the previous week, lower than the prior week’s 418,322 tonnes but still 48.5% higher than the 258,488 tonnes average pace in August 2022.

August 2022 shipments totaled 5.9 million tonnes.

The country’s grain exporters’ association Anec expects August soybean exports to reach 7.8 million tonnes.

However, the association is also considering the possibility of a shorter cargo loading, leading to a possible loading range of between 7 million tonnes to 8.5 million tonnes.

Corn exports

In the corn market, Brazilian exports reached 5.2 million tonnes in the first three weeks of August, while 7.4 million tonnes were sent abroad in the whole month last year.

Average exports per working day totaled 373,204 mt, higher than the previous week’s 349,852 mt and up 15.2% from August 2022´s 323,743 tonnes.

Anec estimates the total August export to amount to 9 million tonnes.

Soy meal and oil exports

In the soybean market, Brazil’s meal exports amounted to 1.6 million tonnes in the first three weeks of August, versus 1.8 million tonnes shipments seen during the entire month in 2022.

The average pace of shipments per working day was 116,797 tonnes, below the prior week’s pace of 127,841 tonnes but 43.7% higher than the 81,241 tonnes average seen during the same month in 2022.

The grains exporters association forecasts that 2 million tonnes will be exported during the month.

The country’s vegetable oils and fats exports, composed mostly of soy oil, totaled 169,438 tonnes up to the third week of August, while in 2022 shipments for the same month totaled 237,519 tonnes.

The average export pace per working day was 12,102 tonnes, above the prior week’s 6,371 tonnes and 17.1% higher than the 10,326 tonnes seen during August 2022.

Keep up to date with the latest trends in the soy oil market by visiting our soy oil prices page.

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