With a smaller soybean crop, Brazil is forecast to export less in 2024

Published 2024년 1월 19일

Tridge summary

Due to unfavorable climate in Mato Grosso, Brazil's soybean production is expected to decline, resulting in a decrease in exports in 2024 to 95 mln tons. The Brazilian supply and demand framework released by SAFRAS & Mercado projects a 4% decrease in total soybean supply and demand for 2024, with ending stocks expected to fall by 16%. While soymeal production is forecast to increase by 1%, soyoil production is also expected to increase by 1%, with a 36% decrease in exports and a 10% increase in domestic consumption.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

With the decline in production, due to the unfavorable climate, mainly in Mato Grosso, Brazil is forecast to export fewer soybeans in 2024. Soybean exports from Brazil must total 95 mln tons in 2024, against 101.86 mln in 2023. The forecast is part of the Brazilian supply and demand framework, released by SAFRAS & Mercado. In the previous report, released in December, projections were 100 mln tons for each season. SAFRAS indicates the crushing of 54.3 mln tons in 2024 and 53.5 mln tons in 2023, with an increase of 1% between one season and the next. In December, projections were 54 and 53 mln tons, respectively. SAFRAS indicates imports of 110 thousand tons in 2024, against 181 thousand tons in 2023. For the 2024 season, the total supply of soybeans is expected to decrease by 4%, reaching 156.77 mln tons. Total demand is projected by SAFRAS at 152.3 mln tons, decreasing 4% from the previous year. Therefore, ending stocks are expected to fall by 16%, from 5.306 to 4.472 mln tons. ...

Source: UkrAgroConsult