Soybean oil and meal exports record record between January and October

Exports of oil and soybean meal reached close to 20 million tons from January to October 2022, a record volume for the period, according to data from the Ministry of Economy (ME). Compared to last year, when 15,55 million tons of both products were exported in the same cycle, the quantity sold represents an increase of approximately 28%. Given this favorable scenario in the international market, the National Supply Company (Conab) expects exports of the two products to be around 22,5 million tons.

“Demand for both soybean meal and oil is strong, which keeps prices on the international market at high levels. Furthermore, Argentina, the main exporting country of the products, also experienced a crop failure due to adverse weather conditions recorded in the last cycle, which opened up space for the Brazilian product. Meanwhile, in Brazil there was a lower demand for biodiesel on the domestic market, which made this greater export possible even with a drop in the Brazilian oilseed harvest”, highlights Conab market analyst, Leonardo Amazonas.

For soybean oil alone, shipments in the first ten months of this year exceeded 2,16 million tons, a quantity 63% higher than that exported in the same period of 2021. Highlighting the purchases made by India, the main consumer market. Sales to the Asian country practically doubled compared to the volume exported in the same period in 2021, going from around 642 tons to 1,27 thousand tons. If we use 2020 as a base, growth reaches 235%.

For soybean meal, exports between January and October reached 17,75 million tons, an increase of 25% compared to the volume recorded in the period last year. If we only consider Indonesia, the main destination for Brazilian bran to date, sales on the international market reach 2,6 million tons compared to 1,94 million tons, an increase of 34%.

Import and export data regarding soybeans, as well as grain by-products, are available in the 2nd Grain Survey of the 2022/23 Harvest, published in the Company Website. The oilseed market analysis can be found in the Bulletin AgroConab.