Soybean exports from Brazil are expected to fall in 2024, says Safras

Soybean

Brazil

Market & Price Trends

Published Mar 24, 2024

Tridge summary

Brazil's soybean exports are projected to decrease by 7.7% to 94 million tons in 2024, according to market consultancy Safras & Mercado. This is due to an expected 6% drop in total soybean supply, reaching 154.317 million tons. The total demand is also expected to fall by 5% to 151.3 million tons, leading to a significant 40% decrease in ending stocks. However, soybean meal production is expected to see a slight increase of 1% to 41.68 million tons, while soybean oil production is projected to remain stable at 10.96 million tons.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The recent cut in the Safras & Mercado estimate for Brazilian soybean production brought little change in the supply and demand picture. Brazil's soybean exports are expected to total 94 million tons in 2024, compared to 101.86 million in 2023, which represents a drop of 7.7%. The forecast, released by Safras & Mercado, is part of the Brazilian supply and demand picture. In the previous report, released in February, the projection was also 94 million tons. Safras indicates crushing of 54.3 million tons in 2024, against 53.74 million tons in 2023, which represents an increase of 1%. There was no change in the forecast compared to February. The consultancy indicates imports of 650 thousand tons in 2024, compared to 181 thousand tons in 2023. In relation to the 2024 season, the total supply of soybeans is expected to decrease by 6%, reaching 154.317 million tons. Total demand is projected by Safras at 151.3 million tons, falling 5% compared to the previous year. Therefore, ending ...

Source: CanalRural