Brazil is expected to export less soybeans in 2024, a reflection of the fall in the 2023/24 harvest, due to the unfavorable climate, especially in Mato Grosso.
Still, the signs are of a wide global supply of oilseeds, which, combined with indications of weak demand in the United States, kept international soybean prices under pressure.
Brazil's soybean exports are expected to total 94 million tons in 2024, against 101.86 million in 2023. The forecast is part of the Brazilian supply and demand framework, released by Safras & Mercado. In the previous report, released in January, the projections were 95 million tons for each of the seasons.
Crops indicates a crushing of 54.3 million tons in 2024 and 53.5 million tons in 2023, with an increase of 1% between one season and another.
There was no chang in the forecast compared to January. Crops indicate import of 110,000 tons in 2024, against 181,000 tons in 2023.
Compared to the 2024 season, the total soybean supply is expected to retreat by 6%, to 154.492 million tons. Total demand is projected by Safras at 151.3 million tons, down 5% from the previous year.
In this way, final stocks are expected to fall 40%, from 5.306 million to 3.192 million tons.
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