Brazilian soybean exports in November will climb to 4.26 million tonnes, an increase from the 3.772 million tonnes forecast a week earlier. If this forecast is met, there would be an 82% increase from the 2.39 million tonnes in November last year. Notably, Brazilian soybean exports totaled 6.398 million tonnes in October, an increase of 44.3% from the 4.435 million tonnes in the same period last year.
Soybean exports could lead to an increased soybean oil supply
This signals a significant rise in the global soybean supply, leading to lower spot prices. Interestingly, increased soybean exports could lead to an increased soybean oil supply, which would also negatively affect spot prices. Demand stays weak, and the forecast for oversupply will push prices further down.
As per reports, China’s purchases of American soybeans seem to have ceased less than two weeks after the US announced a broad trade truce. After a series of orders late last month, which marked the first of the season, Chinese imports of American cargoes seem to have slowed, as per traders who appealed for anonymity to discuss confidential information. They said they were not aware of any new shipments.
Country will reap a record soybean crop of 177.6 million tons
Now, as per another update, the country will reap a record soybean crop of 177.6 million tons in the 2025/26 harvest year, according to data released on Thursday, November 13. Surprisingly, the US, one of Brazil’s main competitors along with Argentina, is expected to export less soy in the upcoming months. Not only this, but Brazilian farmers are also likely to reap a large corn crop despite a projected fall of 5.4% in overall yields.
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