Soy exports grow in Brazil amid Argentina's absence

Brazilian soybean exports reached 5.2 million tons in February 2023, a 6.2-fold increase from the previous month, according to Conab data. The absence of Argentina, an important global player in soybean meal and oil exports, contributed to this increase, generating greater demand for Brazilian derivatives and boosting national exports. On the other hand, the volume of corn exports reached 2.28 million tons in February, a significant drop in relation to the 6.17 million tons registered in January. This decline can be attributed to the strengthening of domestic demand for the cereal, especially in corn ethanol production, feedlot and animal protein production. The National Corn Ethanol Union (Unem) estimates that biofuel production will reach 6 billion liters in 2023. Adverse weather conditions in the main producing states caused a sharp reduction in the first crop corn harvest. The second corn crop, which is heading towards a strong advance in estimates, suffers from the delay in ...