News

Brazil is expected to export 96 million tons of soybeans in 2024, says consultancy

Soybean
Brazil
Market & Price Trends
Published Apr 21, 2024

Tridge summary

Brazil's soybean export forecast for 2024 has been slightly revised upwards to 96 million tons, marking a 6% decrease from 2023, as per Consultoria Safras & Mercado. Despite the overall decline in exports, soybean crushing in Brazil is expected to see a minor increase, with imports projected to rise significantly. The total soybean supply and demand are both anticipated to drop by 4%, leading to a substantial 30% decrease in ending stocks. While soybean meal production is set to remain stable, both its exports and domestic consumption are expected to fall. Conversely, soybean oil production is predicted to increase modestly, with a notable decrease in exports but an uptick in domestic consumption and biodiesel use. The report also highlights a challenging week for Brazilian soybean deals, influenced by a strong dollar and the largest weekly drop in futures contracts in Chicago since August 2023, amidst a bleak price outlook and global financial market uncertainties.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Despite a smaller volume than in the previous year, Brazil is expected to export a large amount of soy in 2024. Consultoria Safras & Mercado updated its supply and demand projections, revising upwards the estimate for Brazilian exports. Brazilian soybean exports are expected to total 96 million tons in 2024, representing a 6% drop compared to the 101.86 million tons exported in 2023. In the previous report, released in March, the projection was 94 million tons. Safras estimates the crushing of 54.3 million tons in 2024, an increase compared to the 53.165 million tons crushed in 2023. The crushing forecast for 2024 has remained unchanged since March. The consultancy projects the import of 650 thousand tons in 2024, a significant increase compared to the 181 thousand tons imported in 2023. The total supply of soybeans is expected to decrease by 4% in 2024, reaching 156.54 million tons. Safras projects total soybean demand at 153.3 million tons for 2024, representing a 4% drop ...
Source: CanalRural
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