Brazil first quarter soybean exports surge 30%

Brazil exported 17.2 million mt of soybeans over the January-March period, an increase on the 13.2 million mt exported over the same period last year because of an earlier harvest this year.

The most apparent gains were made in February when exports more than doubled year-on-year to 6.1 million mt.

Brazil exported 8.96 million mt of soybeans during March, up almost 2% from the same month last year, government data shows.

Volumes in March are typically higher than the first two months of the year as the harvest picks-up pace hitting a peak in April and May.

The year-on-year increase in March was due to an earlier harvest alongside heavy rainfall in some states that affected the pace of progress for most of the month. 

But analysts have said dryer weather toward the end of the month prevented a decline in production and continuing dry weather could result in better yields in April as the southernmost states increase planting, putting pressure on farmers to sell more beans. 

Official estimates suggest Brazil will export 70 million mt of soybeans this year, down sharply from the 84 million mt exported last year.

For corn, exports over the first quarter totalled close to 6.9 million mt, up 41% on the first quarter of last year when exports totalled 4.9 million mt. 

Exported volumes over March totalled 891,900 mt, up 47% on March 2018's volume of 605,300 mt volume but down on February and January's totals of 1.75 million mt and 4.22 millon mt respectively.