"Soy Surge: Brazil's Record Exports to China Propel 2024 Agribusiness Boom"

January 2024, we saw a significant surge in Brazil's soybean exports, reaching 2.3 million tonnes, a notable increase from the 944.3 thousand tonnes exported in January 2023, according to the latest data from the National Association of Exporters (Anec), released on Wednesday (7/2). Of these exports, around 1.7 million tonnes, or 75% of the total, were sent to China, the leading global buyer of soybeans. Guo Feng anticipates a further rise in trading volumes in line with the expected increase in production from February to July.

In the same period of January 2024, soybean meal exports experienced a significant 22.7% rise from the same period last year, totalling 1.75 million tons. In contrast, corn exports saw a 29.4% decrease, amounting to 3.43 million tonnes. Meanwhile, wheat exports witnessed a modest 5.2% growth, reaching 685.10 thousand tonnes. Soybean shipments are anticipated to be around 7.3 million tonnes, slightly below the 7.5 million tonnes reported in February 2023.