Porto Alegre, February 19, 2024 – Reflecting the decline in the soybean crop, due to the unfavorable climate, mainly in Mato Grosso, Brazilian exports must fall in 2024. Even so, the signs are of ample global supply of the oilseed, which, combined with signs of weak demand in the United States, kept international soybean prices under pressure.
Brazil’s total soybean exports are projected at 94 mln tons in 2024, against 101.86 mln in 2023. This is part of the Brazilian supply and demand forecast, released by Safras & Mercado. In the previous report, released in January, projections were 95 mln tons for each season.
Safras indicates the crushing at 54.3 mln tons in 2024 and 53.5 mln tons in 2023, with an increase of 1% between one season and the next. There was no change in the forecast compared to January. Safras indicates imports of 110 thousand tons in 2024, against 181 thousand tons in 2023.
In comparison to the 2024 season, the total supply of soybeans is forecast to decrease by 6%, reaching 154.492 mln tons. Total demand is projected by Safras at 151.3 mln tons, falling 5% from the previous year. Therefore, ending stocks should fall by 40%, from 5.306 to 3.192 mln tons.
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