The firm Safras & Mercado estimates that Brazil’s soybean exports will reach a record high of 99 million tons in 2024, surpassing the amount of 98 million estimated for 2023. The forecast is based on the expectation of a robust crop in 2023/24 which is still in progress. The firm also anticipates a record soybean crushing of 55 million tons in 2024, compared to 53 million tons in 2023. The total supply of soybeans for the 2024 season is expected to increase by 6% to 168.871 million tons, while the demand is estimated to grow by 2% to 157.7 million tons. As a result, ending stocks are expected to rise by 103% to 11.171 million tons.
Source: Reuters/Notícias Agrícolas (*Translated by Ia Niani)