Brazil's soybean exports surged to 2.47 million mt over Jan. 1-30 from 49,498 mt a year earlier, the country's foreign trade department Secex said in a report Feb. 1, likely supporting local oilseed prices.
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The country is the world's biggest soybean producer and exporter, and the bulk of its soybean exports in January were to China, the world's largest soybean importer, according to local traders.
Brazil's soybean harvest for crop year 2021-22 (September-August) started well ahead of the typical schedule, supporting export volumes, with the harvest in the states of Mato Grosso and Parana almost three weeks ahead of last year's pace.
Agricultural consultancy AgRural said Brazil's harvest had reached 10% of the projected area of 40.4 million hectares by Jan. 27, up from 2% a year earlier.
The harvest has been well ahead of schedule on the back of steady progress in Mato Grosso, Rondonia and Parana, AgRural said in a report released Jan. 31.
Brazil exported a record 86.1 million mt of soybeans in 2021, sending 70% of the total to China, the Secex report showed.
According to average estimates, Brazil is expected to export over 90 million mt of beans in 2022. However, drought-led cuts in the output forecast could slow shipments in coming months.
AgRural has lowered its crop year 2021-22 (September-August) output forecast for Brazilian soybeans to 128.5 million mt, down 17 million mt from estimates in November, and more agencies were expected to reduce their forecasts amid a prolonged drought in the country's south.
Soybean yield has declined in the three southern states and in Mato Grosso do Sul, where crops were under prolonged heat stress amid below-average rainfall throughout January, AgRural said. There was also a slight negative adjustment in output estimates in Mato Grosso due to losses caused by heavy rainfall in the mid-north of the state, it added.