Record-Breaking Export Forecast

In July, Brazil's soybean meal exports are forecasted to reach 2.4 million tons, an increase from the previously expected 2.23 million tons. If this target is met, Brazil will set a new record for soybean meal exports, surpassing the previous high of 2.27 million tons set last year in May.

Significant Increase in Year-to-Date Exports

The total exports of soybean meal since the beginning of this year are expected to rise by 11% compared to the same period last year, reaching 13.45 million tons. This increase highlights Brazil's growing role in the global soybean meal market.

Soybean and Corn Export Projections

Also predict that soybean exports from Brazil will reach 10.43 million tons in July, significantly higher than the 8.6 million tons exported in July 2023. Additionally, corn exports are expected to be 4.51 million tons, down from 5.94 million tons last year.

China's Major Role in Brazil's Exports

A substantial portion of Brazil's soybean meal exports (84%) is destined for China, along with the soybean kernels. Brazil has previously increased its sales to China by 72%, reaching 15.9 million tons. This strong trade relationship underscores China's importance as a key market for Brazilian agricultural products.

Brazil's record-breaking export forecasts for soybean meal, along with significant increases in soybean exports, highlight the country's robust agricultural sector and its crucial role in the global market. The strong demand from China continues to drive growth, positioning Brazil as a leading exporter of soy products. This trend is expected to continue, benefiting Brazil's economy and reinforcing its status as an agricultural powerhouse.