Soybean exports from January to July are a record and exceed 70 million tons, indicates Conab

Even with the pace of commercialization of the soybean harvest below the average of the last 5 years, oilseed exports in the first 7 months of 2023 are a record, with approximately 72,46 million tons shipped. The good performance in sales to the international market comes amid the highest grain production ever recorded in Brazil. According to the latest survey by the National Supply Company (Conab), 154,6 million tons were harvested in the 2022/23 harvest. The information appears in the August edition of the AgroConab bulletin, a study released this Thursday (24) by the state-owned company.

“The increase in exported volume is influenced by greater Chinese demand for the grain. According to the Customs Department of China (GACC), imports from the Asian country between the months of January and July reached 62,30 million tons, an amount 15% higher than the same period in 2022. Brazilian farmers sold around 80,93. 50,42% of the volume imported to date, which represents XNUMX million tons of soybeans, according to data from Secex [Secretaria de Comércio Exterior]”, ponders the Company's market analyst, Leonardo Amazonas.

According to the publication, in July alone soybean exports were 9,70 million tons. Last month, port premiums were positive, which helped with the flow of grain. Furthermore, international oilseed prices appreciated, influencing the rise in prices in the domestic market. Despite the 6% increase from one month to the next, prices are 27% lower than those recorded in July 2022.

“This increase in monthly prices on the foreign market is explained by the weather problems experienced in the United States. The USDA reduced North American productivity and production for the 2023/24 harvest now stands at 114,45 million tons, the lowest since the 2020/21 season. Even so, the global production estimate for the 2023/24 season is still a record and guarantees greater price increases. On the other hand, low North American stocks should support international prices next month”, he highlights.

Check out the detailed analysis of the market scenario for soybeans at the link below: