Brazil exported a record 22.09 million tons of soybeans in the first quarter of 2024, a 15.7% increase from the same period in 2023. This growth is attributed to the trading of forward contracts in 2023 and the strengthening of the US dollar. However, the average export price was at its lowest level since 2019. This is due to the increased supply from Argentina, which has led domestic customers to delay purchases. Additionally, producers are cautious due to low yields and high expenses associated with the current crop.
Source: CEPEA-Esalq/USP (*Translated by Ia Niani)
SOYBEANS: EXPORTS REACH A RECORD IN THE 1ST QUARTER OF 2024
Published On - 11 de April de 2024