Brazil’s soybean exports in September are expected to total 5.6 million tonnes, while corn exports will reach 5.4 million tonnes, at a time when the country would normally see higher shipments of the grain than the oilseed, according to data from shipping agency Cargonave, based on ship schedules.

Soybean shipments are expected to grow by around 80,000 tonnes in September compared to the same month last year, while corn shipments will fall by almost 4 million tonnes in the same comparison, according to information from the ship lineup compiled by the shipping agency and seen by Reuters.

In general, Brazil’s corn exports are higher than soybeans for much of the second half of the year, as the second-crop cereal harvest increases supply.

But in 2024 the country had smaller harvests due to weather problems and still faces competition from Argentina, which is showing a strong recovery in its exports.

Brazil’s exports of soybeans and corn this year still have a strong basis for comparison with 2023, when the country’s exports reached historic records amid the largest harvests ever harvested by Brazil.

In addition, for soybeans, the country has seen greater demand in 2024, according to Brazil’s export data.

In the year to date through September, according to shipping numbers and this month’s “line-up” projection, accumulated soybean exports are 89.5 million tons, up from approximately 87 million tons in the same period last year.

On the eve, consultancy StoneX raised Brazil’s soybean export projection for the year to 93.5 million tons, indicating a drop from the record of more than 100 million tons in 2023 as a whole.

But StoneX itself sees a slowdown in soybean shipments in the coming months, considering the reduction in supply after large shipments and a smaller harvest in 2024.

Brazil's corn exports in the year to September are estimated at 22.5 million tons, versus around 34 million tons in the same period last year, when the country was the largest global exporter, according to data from Cargonave.

Source: Forbes