February 27, 2023

 

Brazil's soybean exports estimated at 8.3 million tonnes in February

 

Brazilian grain exporters association Anec said the country's soybean exports reached an estimated 8.3 million tonnes in February 2023, down from the same period last year due to a slower harvest, Nasdaq reported.

 

Anec initially projected that soybean exports could reach 9.39 million tonnes in February, exceeding the 9.1 million tonnes shipped in February last year. 

 

The estimate is based on the volume that has already been shipped overall this month and the anticipated volume over the upcoming few days.

 

The volume of 8.3 million tonnes is the top range of the forecast. At the lowest end, Anec said Brazil would ship 7.6 million tonnes of soybeans in February.

 

Anec did not explain the reasons for the reduction. Brazil had harvested about 25% of its soybean area by Thursday of last week, compared to 33% at the same time last year.

 

According to information from Brazil's national supply company Conab, the total area planted in the current crop increased 4.4% to 43.3 million hectares (107 million acres).

 

Corn exports for February were estimated at 1.99 million tonnes, down from last week's forecast of 2.11 million, but still above the 1.5 million tonnes exported a year ago.

 

Brazil's soymeal exports were estimated at 1.54 million tonnes, versus 1.86 million tonnes in the previous week's estimate. If confirmed, Brazil's shipments would be the same from February 2022.

 

Wheat exports from Brazil in February are expected to reach 670,400 tonnes, still lower than the 900,000 tonnes from February 2022, but above the previous week's projection of 489,600 tonnes.

 

-      Nasdaq