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Brazil's August soybean exports at 5.32 mil mt, down 34.4% on year

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Brazil's August soybean exports at 5.32 mil mt, down 34.4% on year

New Delhi — Brazil exported 5.32 million mt of soybeans in August, down 34.4% year on year and declining 32% on the month, according to the Secretariat of Foreign Trade of Brazil (Secex).

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During the first eight month period of this year, Brazil exported 58.5 million mt of soybeans, down 9.5% on the year, the Secex data showed.

Since January, Brazil has shipped 80% of soybean to China. Other major export destinations have been Spain, Turkey, Iran, and the Netherlands.

Brazil is the world's largest soybean exporter, while China is the biggest importer, accounting for over 60% of global soy purchases.

With the ongoing US-China trade tension and uncertainty hanging over US soybean harvest, Brazil has a clear advantage in the Chinese soy market, sources said.

However, rising soybean prices, higher domestic crushing demand and depleting inventories may limit the Brazilian export growth in the last quarter of 2019.

Brazil exported 1.36 million mt of soy meal in August, down 6% year on year, the Secex said Monday.

Top purchasers of Brazilian soy meal since are the Netherlands, Indonesia, France, Thailand and South Korea.

The South American nation shipped 99,700 mt of soy oil in August, down 52% year on year, the data showed.

Brazil is the world's second largest soy meal and oil exporter, behind Argentina, with 2017-18 exports totaling over 16 million mt of soy meal and 1.51 million mt of soy oil, according to the US Department of Agriculture.

The ports of Santos, Paranagua and Rio Grande are the top suppliers to the Asian markets, a Secex report said last month. Top Brazilian ports shipping soybeans to Europe are Manaus, ALF-Belem and Santarem, the report added.

-- Asim Anand, aanand@spglobal.com

-- Edited by Debiprasad Nayak, debiprasad.nayak@spglobal.com