Brazil soybean Q1 exports set to rise 22%, corn double y-o-y

Brazilian exports of soybean in the first quarter of the year are expected to rise by nearly 22% year on year and corn more than double despite a delay in planting and harvesting the crops, according to figures compiled from official data and vessel line ups.

With 3.5 million mt of soybeans already exported in March and the line-ups this month showing over 8 million mt, the total Q1 exports are expected to reach more than 16 million mt in the first three months.

That is 22% higher than the 13.3 million mt that was exported out of Brazil in the first three months of 2017.

In terms of corn, the figures are starker, with 290,000 mt already exported so far and the line-ups showing a further 173,000 mt.

That takes the total exports to 4.7 million mt this year, compared with 2.2 million mt in the first three months of 2017.

The soybean line up comes despite a rally on the board that has seen bean prices surge on the back of a poor Argentinian harvest and a delay in planting and harvesting.

And the rate of exports is unlikely to abate.

A raft of deals was heard this week at 180-185k CNF China for April and May loading with FOB values at around 90-94k.