Brazil’s October corn exports on track for all-time high

According to official customs office data, Brazil has exported 3.3 million tonnes of corn and 2.1 million tonnes of soybeans in the first two weeks of October

Brazil has exported 3.3 million tonnes of corn and 2.1 million tonnes of soybeans in the first two weeks of October, with the pace of shipment up year-on-year for both commodities, official customs office data showed late Monday.

Corn exports

The average pace of corn exports per working day is over 300% higher compared to October 2021, when the country faced a historical corn crop loss.

The volume of corn shipped so far in October is already significantly above the 1.8 million tonnes exported in the whole month of October 2021.

The country is set to export 7.2 million tonnes of corn this October, according to line-up data from shipping company Cargonave.

If confirmed, that will be the largest volume of corn exported by Brazil for the month of October on record, above the 6 million tonnes shipped in the same month in 2019.

Soybean exports

Brazil has exported an average of 228,428 tonnes of soybeans per working day in the first two weeks of October, up nearly 40% compared to the average pace of exports in October 2021.

Transportation disruptions in the Mississippi waterway in the US have contributed to pushing some Brazilian spot volumes that would otherwise be originated in the North American region.

The country is expected to ship 3.8 million tonnes of beans in October, according to Cargonave.

If confirmed, that will be down from 4.3 million tonnes in September but above the 3.3 million tonnes exported in October 2021.

Soybean meal and oil exports

Brazil’s soybean oil and meal exports remain robust, with 886,002 tonnes of the former and 135,413 tonnes of vegetable oils and fats, mostly soy oil, shipped in the first two weeks of October this year.

The average shipment pace is 43% higher for meal and 91% higher for vegetable oils and fats compared to October 2021.

Brazil’s soy meal exports are expected to reach just over 2 million tonnes in October, according to Cargonave’s line-up data, above the 1.4 million tonnes exported in October 2021.

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