December 3, 2009

Second half of 2009 proves worse for Brazil soy exports

According to it's Foreign Trade Secretariat earlier this week, Brazil's soy exports fell sharply in November, to $84.1 million, down 73.4% versus October and 72.9% lower than a year before.

Volume was also weaker, at 185,800 metric tons, down 74.3% compared to October and representing a decline of 74.3% from November 2008.

The drop in revenue was not stronger because soy prices hit $452.8 per ton in November, up 3.6% from October and 5.3% higher than a year earlier.

Exports of soy meal and oil in November totaled $304.8 million and $36.4 million respectively, down 13.5% and 62.6% versus October.

Soy exports fell as domestic supplies were reduced by record shipments in the first half.