Soybean exports from Brazil are accelerating

Data released by the country’s Secretariat of Foreign Trade (SECEX) show that Brazil’s soybean exports in December were significantly higher than for the same period last year. From December 1 to 12, Brazil’s soybean exports totaled 1.65 million tons, compared to 2.006 million tons for the entire month of December last year, indicating a significant increase in the current export rate. This reflects a trend of increasing supply, which could lead to an oversupply of soybeans on the international market, thereby putting downward pressure on prices. According to commodity market principles, increased supply typically suppresses prices, so this is generally a bearish trend. It was previously reported that Brazil continues to increase soybean exports, displacing the United States in the global market. According to Conab, citing data from the Ministry of Development, Industry, Commerce and Services (MDIC), Brazil exported a record 104.79 million tons of soybeans from January to November ...