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Brazil's November soybean exports soar amid strong demand from China

Highlights

US Gulf port capacity limitation supporting Brazilian exports

Brazil has exported 83.4 mil mt between Jan-Nov, up 1% on year

Brazilian soybean exports in November almost doubled on the year amid strong demand from China, according to the country's foreign trade department, or Secex.

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A higher-than-expected soybean exports from Brazil is likely to support oilseed prices.

According to Platts, SOYBEX FOB Santos for January loading was assessed at $497.17/mt on Dec. 1, in comparison with $490.25/mt for SOYBEX FOB New Orleans.

The world's top beans producer and exporter shipped out 2.59 million mt of the oilseed, as of Nov. 30, compared with 1.43 million mt in the same month last year, the Secex report said Dec. 1.

China has been buying a lot of Brazilian beans in recent weeks. In October, China accounted for almost 80% of total Brazilian soybeans shipments, according to the Secex data. This trend seems to be continuing in November as well.

China turned to Brazilian soybeans as the US beans supply was still recovering from Hurricane Ida, which impacted grain elevators in the gulf region since late August.

Hurricane Ida, a Category 4 storm with 150 mph when it made the landfall in Louisiana Aug. 29, had hit grain elevators in New Orleans, a major corridor for US soybean and corn exports, accounting for almost 60% of total US grains exports.

The US soybean export volumes generally soar at the start of harvest during mid-September and continue till February. While the Brazilian oilseed trade spike between January and August every year.

According to Secex, Brazil exported 83.4 million mt of soybeans between January and November, up 1% on the year, with 70% shipments headed for China.

Brazil is likely to export 85 million mt of beans in the calendar year 2021, steady on the year, the country's national agricultural supply company Conab said in its monthly report Nov. 11.