Brazil: record soybean exports in the first quarter

Market & Price Trends
Published Apr 18, 2024

Tridge summary

In the first quarter of 2024, Brazil's soybean exports soared to a record 22.09 million tons, a 15.7% increase from the previous year, according to Secex. This growth is largely due to the strong dollar's impact against the Brazilian real, despite soybean sales hitting their lowest average price since 2019 at R$136.30 per 60 kg bag. The domestic market has seen limited consumer purchases, influenced by expectations of an increased supply from Argentina and the necessity for Brazilian producers to free up warehouse space. Additionally, the negotiation of large volumes is approached with caution by sellers, who are faced with reduced productivity and elevated costs in the current harvest.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Brazilian soybean exports totaled 22.09 million tons in the first quarter, a record for the period and 15.7% above shipments in the same period in 2023, according to data from Secex. Sector agents believe that domestic soybean shipments should remain strong, based on the appreciation of the dollar against the real. The average price received for foreign soybean sales in the first quarter of 2024 was R$136.30 per 60 kg bag, the lowest for the period since 2019. In the domestic market, consumers have limited purchases, aware of the greater supply in Argentina and the possible need for Brazilian producers to free ...
Source: 3tres3
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