Brazil imported soy in significant amounts in June to supply domestic demand after breaking export records. According to the Center for Advanced Studies in Applied Economics at USP (Cepea), in June industries in southern Brazil purchased 89,760 tonnes of soybeans, all from Paraguay. The number is more than double what was imported in May. In addition, it is the highest value of soy imported since June 2016, according to data from the federal government. Brazil is the world’s largest producer and exporter of soybeans and harvested more than 120 million tonnes of the bean last season. Brazilian farmers traded 61.87 million tonnes in the first half of this year, up 41.5% over the same period in 2019. According to the Agricensus consultancy, data from the Central Bank of Paraguay points out that Brazilian imports of Paraguayan soy increased almost five times in the first half compared to the same period last year. From January to June this year, Brazil purchased 379,100 tons of soy from the neighboring country, an increase of 370% in relation to the 80,600 tonnes during the same period last year.
Sources: Notícias Agrícolas, Valor Econômico e Frota & Cia