Soybean complex drives record agricultural exports in October.

Brazilian agribusiness exports hit a new record for the month of October, totaling US$15,49 billion, according to a survey by Radar Agro, released today (November 14th) by Itaú BBA's Agro Consulting firm based on data from the Secretariat of Foreign Trade (Secex). This value represents a 3,6% increase compared to September and an 8,6% increase compared to the same period in 2024, driven mainly by the performance of the soybean complex and fresh beef.

Soybeans lead performance and surpass total exports in 2024.

October marked the highest monthly volume of soybeans ever exported by Brazil: 6,7 million tons, a 43% increase compared to the same period last year. From January to October, shipments already exceed the total volume exported in 2024, reaching 2,2 million tons, despite an 18% drop in average prices (US$ 329,9/t).

Soybean oil exports, on the other hand, fell 14% compared to October of last year, totaling 89 tons.

Ethanol and sugar prices decline; corn maintains upward trend.

In the sugar and ethanol sector, the trend was one of contraction. Ethanol exports fell by 51%, totaling 103 m³, while refined sugar registered a 16% drop, with 596,2 tons shipped.

Corn maintained its growth trajectory and closed the month with 6,5 million tons, an increase of 1,5% compared to October 2024, with an average price of US$ 206,8/t.

Exports to the US fall 38% due to the impact of tariffs.

The Agro Radar also highlighted the effects of the additional tariffs imposed by the United States, which continue to pressure the sector's performance. Total Brazilian exports to the US market amounted to US$2,2 billion in October, a 38% drop compared to 2024.

Of the total exported, only 31% corresponds to agribusiness — approximately US$672 million. Sales in the sector registered a 34% drop in revenue compared to the previous year. Compared to September, there was a slight recovery, driven mainly by orange juice, coffee, beef, and timber.

Among the products affected by the tariffs, only mangoes registered an increase in export volume. Orange juice and cellulose remained exempt from the 40% tariff.

Redirections and expectations for tariff relief

Some of the products affected by the tariffs — such as beef and coffee — were redirected to other markets. Even so, Itaú BBA emphasizes that the United States remains a strategic destination for Brazilian agribusiness, both because of its consumption capacity and the difficulty of relocating some items.

According to the report, there have been recent signals from the US government indicating that new tariff relief measures may be announced in the coming days, covering items such as coffee, bananas, and other fruits. However, there is no confirmation that such measures will include Brazil.