Brazil’s Soy Exports Dip Amid Harvest Shortfall, Corn Shipments Take Bigger Hit

Brazil’s soybean exports dip by 2.27% in 2024, while corn shipments face a steeper decline due to reduced harvests, according to Anec data.

Brazil, the world’s largest soybean exporter, is expected to ship 99 million metric tons of soy this year, a 2.27% decrease from last year’s record 101.3 million tons, according to data released by the National Association of Grain Exporters (Anec). The decline is largely attributed to a more severe downturn in the 2024 harvest.

As of September, Brazil has exported 89.6 million tons of soybeans, with a projected 5.6 million tons slated for shipment by the end of the month. China, the country’s biggest trading partner, remains the dominant buyer, accounting for 63.9 million tons, or 76% of total exports through August.

Despite a nearly 5% reduction in production compared to last year, Brazil’s soybean exports have edged higher, with 83.97 million tons shipped by August, up from 81.4 million in the same period in 2023. This increase comes as the country draws on reserves to meet demand.

In contrast, Brazil’s corn exports have been significantly harder hit. Anec estimates that corn shipments will drop to 41 million tons in 2024, a steep decline from the record 55.56 million tons last year, driven by a 12% drop in the corn harvest. Through September, Brazil is expected to export 23 million tons, with 6 million tons projected for the month. However, that marks a 3.5 million-ton decrease compared to the same month in 2023.

The data highlights the mounting pressures on Brazil’s agricultural exports, particularly as harvest shortfalls impact both soy and corn volumes, with key markets like China continuing to shape trade dynamics.