According to the National Association of Grain Exporters (Anec), Brazil is expected to ship 2.45 million tons of soybeans this month.
During the off-season, Brazil’s soybean exports are projected to remain at low volumes. Based on estimates from the National Association of Grain Exporters (Anec), Brazil is set to export 2.45 million tons of soybeans in November. If confirmed, this volume would be 46.6% lower than the amount shipped in the same period in 2023.
“Soybean exports have slowed at a greater pace, and as a result, the annual export estimate for 2024 has been revised to 98 million tons,” highlighted Anec in its report.
“Considering the forecast for November, 96 million tons will have been exported by this month, leaving approximately 2 million tons to be exported in December to complete the soybean export program for this year,” the association added.
Out of the 96 million tons of soybeans sold abroad, China accounted for 76% of the imports, acquiring 71.1 million tons. Regarding soybean meal shipments, Anec projects a decrease of 19.2%, with exports expected to reach 1.55 million tons.
Although China remains Brazil’s largest soybean buyer, demand has been lower than anticipated due to competition from the U.S., which is forecasting a record harvest in 2024/25.
Luiz Pacheco, an analyst at T&F Agro-Economic Consultancy, notes that China currently has sufficient reserves and is not interested in purchasing large quantities in the short term. He adds that demand may grow with new trade policies from Donald Trump, who will assume the U.S. presidency in January 2025.
Corn exports are also expected to decline in November, dropping to 4.77 million tons—a decrease of 31.7% compared to external sales in the same month last year. According to Anec’s calculations, Brazil is not expected to export any wheat this month. In November 2023, wheat exports had reached 147,210 tons.
