Brazilian soybean exports may reach 99 mln tons in 2024

Brazilian soybean exports must total 99 mln tons in 2024, above the 95 mln indicated for 2023. The forecast is part of the Brazilian supply and demand estimate, released by SAFRAS & Mercado on July 28, indicating an increase of 4% between one season and another.

SAFRAS indicates the crush at 55 mln tons in 2024 and 53.4 mln tons in 2023, with an increase of 3% between one season and another. SAFRAS points to imports of 150 thousand tons for 2024, maintaining the expected volume for 2023.

For the 2024 season, the total supply of soybeans must increase by 7%, rising to 171.531 mln tons. Total demand is projected by SAFRAS at 157.7 mln tons, up 4% from the previous year. Ending stocks must rise 70%, from 8.1300 mln to 13.831 mln tons.

SAFRAS estimates soymeal production at 42.3 mln tons in 2024, 3% higher. Exports are forecast to fall 2% to 21.5 mln tons, while domestic consumption is projected at 20 mln, up 8%. Stocks are expected to rise 31% to 3.34 mln tons. Soyoil production is expected to increase by 2% to 11.1 mln tons. Brazil is expected to export 2.2 mln tons, down 12%. Domestic consumption must rise by 5% to 9 mln tons. The use for biodiesel is expected to increase by 13% to 4.5 mln tons. The forecast is for stocks to fall 21% to 295 thousand tons.

Tags: forecast, imports, soymeal, supply, demand, exports, Brazil, estimate, soybeans, Production, soyoil