Brazil’s Soybean And Corn Exports Set Record In The First Weeks Of January 2023

Brazil’s Soy and Corn Exports Reached 5.02 Million Tons of Corn in January, Up from 4.3 Million Tons the Previous Week, Estimated the National Association of Grain Exporters (Anec).

For soybeans, the entity estimates exports at 1.969 million tons, also above the 1.3 million tons previously indicated based on the scheduling of port vessels.

Brazil’s Soy and Corn Export Sales Are Expected to Increase in the Coming Months

Brazil’s external sales of soy and corn are expected to rise amid increased corn stocks and firm international demand. In the case of soybeans, reserves are lower than in the previous year. In January 2022, Brazil exported 2.22 million tons of corn and 2.28 million tons of soybeans.

Anec also began to record shipments of 1.4 million tons of soybean meal, compared to 1.34 million tons the previous week. For wheat, the association estimated 446,105 tons, up from 280,715 tons during the same period.

In the week from January 1 to 7, Brazil exported 759,313 tons of corn, 225,077 tons of soybeans, 195,182 tons of meal, and 162,105 tons of wheat. For the week of January 8 to 14, according to Anec’s estimates, shipments are expected to reach the following volumes:

• 2.153 million tons of corn;
• 390,967 tons of soybean meal;
• 187 thousand tons of wheat; and
• 56,457 tons of soybeans.

Harvest for the Coming Months Is Already Underway

The harvest of the 2022/23 oilseed crop has already begun in some early planting areas in the state of Mato Grosso, but it often won’t be harvested until mid-January. The availability of grains from the old crop for shipment increases at the beginning of 2022. For the entirety of last year, external sales of soybeans reached 77.8 million tons in 2022, down from a record 86.6 million tons during the same period last year, due to the smaller oilseed harvest in the south.

Anec also estimated soybean meal exports for the month at 1.34 million tons, compared to a year-on-year figure of 1.58 million tons. In 2022, total external sales will be 20.4 million tons, up from 16.8 million tons the previous year. Brazil is also expected to export 280,715 tons of wheat in January, far below the 695,953 tons it exported abroad in January 2022, according to Anec. Last year, the country exported a record 3.2 million tons of wheat, nearly three times the total for 2021.