Revenue from exports of soybeans, soybean meal and soybean oil from Brazil totaled US$ 48.8 billion from January to August, already surpassing the total for the entire year of 2021, with higher product prices and a soaring volume of derivatives. exported, pointed out this Wednesday (14th) the Brazilian Association of Vegetable Oil Industries (Abiove).
In 2021, exports of the soy complex (grain, bran and oil) from Brazil totaled around US$ 48 billion.
For the year 2022, the main export sector in Brazil is expected to increase revenues from foreign sales by US$ 10 billion before 2021, to an all-time high of around US$ 58 billion, according to Abiove forecast, which was maintained in line with expectations. of August.
The rise in soy, bran and oil prices is more than offsetting a reduction in the volume of grain exports, which in turn were affected by a shortfall in the Brazilian harvest and also lower demand from China, the main global importer of the oilseed. .
International prices rose after a crop failure in Brazil, the largest producer and exporter of soybeans, and other factors, such as restrictions on shipments of palm oil in Indonesia and sunflower oil in Ukraine.
The average price of soybean oil exported by Brazil was estimated at US$ 1,600 a ton this year, versus US$ 1,222 a ton in 2021, while the values ​​of the grain and bran are also expected to increase this year.
Revision in projections
After a reassessment of the figures for the last Brazilian soybean harvest, the industry association Abiove slightly raised its projections for exports and processing of the oilseed in Brazil on Wednesday.
The harvest in Brazil, which ended a few months ago, was estimated at 126.9 million tonnes, just 300,000 tonnes above the August forecast.
Still, it will fall short of last season’s record 138.8 million tonnes.
Brazilian soybean exports are also expected to be 200,000 tonnes higher than forecast last month, and are now estimated at 77 million tonnes, against a historic 86.1 million in 2021, when the large harvest allowed for higher shipments.
On the other hand, after good processing margins earlier this year, the industry will process a record 48.9 million tonnes, 0.6% above the August forecast, versus 47.78 million in 2021.
The most recent boost in processing came from higher demand for soybean meal for export, which is expected to total 18.7 million tonnes this year – an annual increase of 1.5 million tonnes – while forecasted oil shipments abroad was maintained at 2.15 million tonnes, the highest level since 2008, driven by purchases from India.
Between January and August of this year, exports of soybeans in Brazil reached 66.6 million tons (-8.3%), while exports of bran grew by 21.7% in volume in the annual comparison, to 14 .1 million tons.
As for soybean oil, the increase was 62.7%, reaching 1.7 million tons.
Source: CNN Brasil
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