Exporters group says Brazil is likely to export record volumes of soybean meal by 2024.

According to the local grain traders' lobby Anec, Brazil's soybean meals exports will likely set a record in 2024, surpassing the previous best mark recorded in history in 2023.

Why it's important

According to the US Department of Agriculture, Brazil will once again be the world's second largest soybean meal exporter in 2023/24. It had previously been the leader in 2022/23, following a crop failure that occurred in Argentina, the traditional leading exporter.

Brazil also leads the world in soybean production and exports.

By the Numbers

According to Anec, Brazil expects to export 21,12 million tons (22,35 million tonnes) of soybean meal from January to November.

For soybean meal to surpass 2023 in December, exports will need to be just over 1,23 million tons. This is likely, as Brazil has already exported more than this amount every month since 2024.

KEY QUOTE

Jean Budziak is the head of Anec’s market intelligence department. She said that because of the linearity of the monthly soybean meal volume, Anec will be able to export more in 2023. Reporting by Roberto Samora from Sao Paulo, Luana Benedito's additional reporting; Isabel Teles' writing; Aida Pelaez Fernandez and Sandra Maler's editing.

(source: Reuters)