Brazil exported 55.1 million tonnes of soybeans in the first half of 2022, down 8.87% from the same period in 2021 (60.5 million tonnes), according to the National Association of Grain Exporters.
The decline was due to exports to China (the main destination, 41.6 million tons in 2021 and 36.9 million tons in 2022) and the Netherlands (the fourth largest destination, 2.5 million tons in 2021 and 1.7 million tons in 2022). The volume of goods decreased by 11.2% and 32.2% respectively compared with 2021.
Anec conceded that in the 2021/22 season, the crop was badly damaged, about 20 million tonnes lower than expected. The severe drought that has hit the states of Rio Grande do Sul, Parana and Mato Grosso do Sul for months is responsible for the sharp drop in production.
Initial expectations were for a production of 144 million tonnes and exports of 92 million tonnes, but this did not materialise due to drought.
According to Anec, this undoubtedly proves that soybeans are a typical export commodity, as most of it is exported, not corn, most of which is used for domestic consumption, mainly for animal feed.
The soybean crop in Brazil, the world’s largest oilseed producer and exporter, is almost complete, with a yield of 125.8 tonnes, 300,000 tonnes more than previously estimated. However, this number is 9.4% lower than the record for 2021, according to Abiove, the Brazilian vegetable oil industry association.
Brazil’s processing volume is estimated at a record 48.3 million tonnes, 200,000 tonnes more than previously forecast and 519,000 tonnes more than expected in 2021, according to data compiled by associations of the industry’s main trading companies and industries.
As a result, the country’s soybean meal production in 2022 is estimated at 37 million tons, a slight increase from the previous month, compared to 36.77 million tons in 2021.
Despite low biodiesel blends in diesel diesel in Brazil in 2022, total soybean oil production is expected to reach 9.8 million tonnes, compared with the June forecast of 9.75 million tonnes, an increase from 2021 (9.64 million tonnes).
Brazil’s soybean oil exports are estimated at 2.15 million tons in 2022, up from a previous forecast of 2 million tons and 1.65 million tons in 2021, as the country meets factors such as additional demand from countries that previously bought Ukrainian sunflower oil.
