Brazilian soy exports from January to November have already set a new all-time annual record. According to data released on Tuesday by ANEC (the national association of cereal exporters), shipments during the first 11 months totaled 84.2 million tons, almost 1 million more than the 2020 total — which reached 82.3 million tons according to the entity’s calculations. The highest level to date was in 2018 (83.3 million tons).
After a pace within expectations in the first half, when most of the Brazilian exports are sold, sales gained extra momentum beginning in August – a month during with the flow traditionally slows down due to the drop in available volume and the arrival of the harvest from the American market. But there were logistical problems in the United States after Hurricane Ida hit, and Brazil benefited.
These problems abroad combined with the appreciation of the dollar against the Brazilian real and large inventories after another record harvest in the 2020/21 season means that Brazilian soybeans have become cheaper for China, which leads global imports. Brazil is the largest exporting country.
Source: Valor Econômico
