Brazil January soybean exports up 70%, 2017 exports rise a third

Soybean exports in January rose to 1.56 million mt, up from 911,00 mt a year earlier, according to data from the ministry of industry, foreign trade and services, while international sales of corn more than doubled from 1.45 million mt to over 3 million mt.

The data, which was largely expected by the trade, takes the total February-January soybean export volume to 68.8 million mt, a third more than the previous year, cementing Brazil's position as the number one exporter to China.

The rise in Brazil’s exports, which has been driven by a bumper crop and higher protein yields, means it now supplies over 50% of soybeans to China, the world’s largest importer.

Analysts expect Brazil to produce between 111-115 million mt this season.

In terms of corn the year-on-year percentage increase was greater, rising 63% to 30.8 million mt from almost 19 million mt.