Brazil soy Nov exports soar, as farmers monetize bumper crop

Brazil exports of soybean reached 2.14 million mt in November, up from just 316,000 mt in the previous corresponding period as the world’s second largest producer of beans sought to sell its bumper harvest.

The figures take the total exports so far this February through January marketing year to 64.88 million mt versus last year’s figure of 52 million mt.

“It’s a lot and there is still more to be sold,” said one broker, pointing out there are two months remaining in the marketing year.

Record plantings, nearly perfect weather and improved technology processes meant Brazil produced 114 million mt in 2017.

Meanwhile, corn exports totalled 3.52 million mt, up 2.6 million mt on November 2016 levels, taking the total number of exports for the year to 23.3 million mt in this March through February market year, up 66% on the 14 million mt exported in the 2016/2017 market year.

If the US WASDE estimates are to be met, then 11 million mt of corn will be exported out of Brazil in the next three months.

The sharp rise in corn exports comes as global stocks are at a record high.