Brazil has maintained low soybean exports since the beginning of the year due to a delay in harvesting
Soybean
Brazil
Published Mar 7, 2023
Tridge summary
According to AgRural, Brazil exported 6 million tons of soybeans in January-February, which is 31% lower than the corresponding indicator in 2022.
The slow pace of exports is due to delays in oilseeds harvesting and the high exchange rate of the national currency, which encourages local farmers to hold back sales. Thus, as of February 28, sales of the 2022/23 oilseed crop amounted to 45 million tons compared to 61 million tons in the previous year, which is only 30% of the expected production in the current season and is the lowest figure since 2005/06 MY.
However, given the lack of storage capacity in Brazil, experts expect a significant acceleration in soybean exports in the coming months.
Original content
According to AgRural, Brazil exported 6 million tons of soybeans in January-February, which is 31% lower than the corresponding figure in 2022. The slow pace of exports is due to delays in oilseeds harvesting and the high exchange rate of the national currency, which encourages local farmers to hold back sales. Thus, as of February 28, sales of the 2022/23 oilseed crop amounted to 45 million tons compared to 61 million tons in the previous year, which is only 30% of the expected production in the current season ...
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