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Brazilian soybean exports totaled 22.09 million tons in the first quarter, a record for the period and 15.7% higher than shipments in the same period of 2023, according to Secex data.
Industry stakeholders believe shipments of domestic soybeans should continue to be strong, based on the dollar's appreciation against the real. The average price received for foreign sales of soybeans in the first quarter of 2024 was R$ 136.30 per 60 kg bag, the lowest for the period since 2019.
Domestically, consumers are limiting purchases, aware of the greater supply in Argentina and the possible need for Brazilian producers to free up warehouse space. Sellers, meanwhile, remain cautious in negotiations involving large volumes, due to lower productivity and the high costs of the current crop.
April 8, 2024/ CEPEA/ Brazil.
https://www.cepea.esalq.usp.br
