Brazil’s soybean exports are projected to reach 15.45 million metric tons in March, a 4% increase from last week’s forecast, driven by a robust harvest of its record crop, according to the grain exporters’ association Anec. If confirmed, this would mark the highest March volume on record and approach the all-time monthly high of 15.7 million tons set in April 2021.
The updated forecast reflects a recovery from earlier harvest delays in 2024, with March shipments expected to surpass last year’s total by nearly 2 million tons. China remains the top buyer of Brazilian soybeans, as the country solidifies its position as the world’s largest exporter, outpacing rivals like the U.S. and Argentina.
Anec also raised its soybean meal export estimate to 2.38 million tons for March, up 19% from prior projections and nearing October 2023’s record of 2.46 million tons. Meanwhile, corn exports are forecast to triple year-over-year to 412,000 tons, signaling broader strength in Brazil’s agricultural trade.