By Roberto Samora
SAO PAULO, Nov. 19 (Reuters) – Brazilian soymeal exports in November are estimated at 2.68 million metric tons, a roughly 200,000-ton rise compared to last week’s forecast, putting Brazil on track to hit a monthly record for shipments.
According to data from grain exporters group Anec on Wednesday, the previous monthly record was set in Oct. of last year, when Brazil exported 2.46 million tons of soymeal, which is mainly used as animal feed and is mainly destined for importers in Europe and Asia.
Compared to Nov. of last year, Brazilian soymeal exports could increase by more than 950,000 tons.
The increase comes after export price parity rose in Brazil, which provides an incentive to export, according to analysts at bank Itau BBA. Soymeal prices rose amid maintenance shutdowns at crushing plants in the United States, they said.
Soymeal shipments in the year to Oct. exceeded 20 million tons, a 3.9% increase over the same period of the previous year, Itau BBA data shows.
The projected rise in shipment volume is expected to contribute to reducing domestic soymeal supply, improving domestic crushers’ margins, Itau BBA said.
Soymeal demand should remain strong, the bank added, bolstered by strong global demand while Brazilian farmers are still cultivating the new 2025/26 soy crop, which will be ready early next year.
As local soy supplies dwindle, exports of soybeans are expected to reach one of the year’s lowest monthly levels, according to Anec.
However, soy shipment volumes will still be at historically high levels for the month, totaling 4.71 million tons in Nov., according to Anec’s estimate.
In November 2024, Brazil exported only 2.3 million tons of soymeal, Anec said.
(Reporting by Roberto Samora; Writing by Ana Mano; Editing by Leslie Adler)
