Brazil’s soybean meal exports are anticipated to reach a record 2.40 million metric tons in July, according to data from the grains exporter association Anec. This figure, if confirmed by the end of the month, would surpass the previous monthly high of 2.27 million tons set in May 2023.
Anec has revised its forecast for July soymeal exports upward from an earlier estimate of 2.23 million tons. As Latin America’s largest economy, Brazil is a key player in the global soybean meal market, competing closely with Argentina.
The association noted that favorable weather conditions have facilitated shipping through ports, while domestic demand for soymeal has remained stable. However, final export figures may fluctuate based on shipping schedules.
If the 2.40 million tons figure is confirmed, it would represent an approximate 11% increase compared to July of the previous year and would also reflect a rise of over 400,000 tons compared to June.
In addition to soymeal, Anec expects Brazil’s total soybean exports to reach 10.43 million tons in July, slightly down from the 10.71 million forecasted the previous week. Corn exports are projected to rise to 4.56 million tons, up from the previous week’s estimate of 4.51 million tons, although this would still be lower than the 5.9 million tons exported during the same period last year, when Brazil experienced a record corn harvest.