Soybean meal emerged as a standout in Brazil’s agricultural sector exports last month, claiming the top spot in the export rankings. In May, Brazil exported 2.76 million tonnes of soybean meal to the foreign market, 38% increase compared to the same month last year. Argentina, the world’s primary exporter of soy meal, has been grappling with production challenges due to a soy crop failure caused by drought in the region. As a result, Brazil has seized the opportunity and captured a significant share of the market previously dominated by its neighboring country. It is anticipated that Brazilian soybean meal exports will reach a total of 21 million tonnes this year.
Sources: Folha de S. Paulo/Datamar News