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Brazil’s soybean exports are expected to reach 78 million tonnes in 2022, 9.3% down from last year’s 86.3 million tonnes, according to the country’s grain exporters’ association Anec.
The figure is 2.5 million tonnes higher than the previous 75.5 million tonnes projection for full-year soybean shipments.
Estimates for November soybean shipments, however, were decreased to 2.3 million tonnes from the previous 2.4 million tonnes forecast.
Still, the volume is 8.8% above the 2.1 million tonnes reached during the same month last year.
If exports come in as forecast, Brazil’s shipments will end November at 76.8 million tonnes behind 2021’s 86.6 million tonnes.
Anec increased its November forecast for corn shipments to 6.6 million tonnes as demand remains strong.
According to the association’s estimate, exports will be 3.9 million tonnes higher than last year, when they amounted to 2.7 million tonnes for the same month.
If the projection is confirmed, corn exports will reach 38.5 million tonnes during the first 11 months of 2022, up 89.9% from the total exported in 2021.
Learn more about what is driving corn price volatility.
November soy meal export projections have also increased and are now forecast at 1.5 million tonnes.
The figure is 27.2% higher than last year’s 1.2 million tonnes exported in the same month.
If projections are confirmed, 2022 exports will reach 19.2 million tonnes by the end of this month, up 25.4% from the 15.3 million tonnes shipped during the January to November period of 2021.
Last year’s soy meal exports totaled 16.8 million tonnes.
Anec also lifted November wheat exports projections from last week’s 65,000 tonnes to 143,000 tonnes, up 141.9% from the 59,100 tonnes volume sent abroad in the same month last year.
If projections land as expected, 2022 Brazilian wheat exports will reach 2.5 million tonnes by the end of November, far higher than last year’s 569,746 tonnes exported during the same period.
The figure is an all-time high, up by 128.9% from the volumes Brazil exported last year.