The rate of soybean exports from Brazil in September exceeds last year’s

About 3.5 million tons of soybeans were sold from Brazil to foreign markets from September 1 to 18, which is 36% higher than the level of the same period last year, according to the monitoring data of the Secex foreign trade department.

According to experts, due to large domestic stocks, competitive prices, and steady demand from China, Brazil will ship a large volume of soybeans abroad in 2023.

From January to August, according to Secex, the country exported 80.85 mln tonnes of the oilseed (+21.6% yoy), and sold more than 70% of the total volume to China.

“From March to early July, Brazilian soybeans were sold at a huge discount of almost $40 per ton compared to the US crop, which led to a significant increase in exports year-on-year,” explained the industry experts.

Nevertheless, the prices for soybeans in the U.S. have become a bit more attractive now in anticipation of the expected increase in the supply of oilseeds due to the start of the harvesting campaign.

As of September 18, Platts already estimates the cost of the Brazilian oilseed on FOB Santos basis for November shipment at $524.26 per ton, and on FOB New Orleans (USA) at $517.63 per ton.

Tags: Brazil, soybean, export