Brazilian soybean shipments moved at a good pace in the first quarter of this year, a result of term contracts closed in 2023. Players expect exports to continue intense in the coming weeks, based on the dollar valuation against Real, which tends to boost Brazilian trades.
Data from Secex indicate that soybean exports totaled 22.09 million tons in the first quarter, a record for the period and 15.7% up in relation to that observed in the same period of 2023. In March alone, Brazil shipped 12.6 million tons, for an increase of 91% compared to February/24, but downing 4.6% in relation to March/23.
Although the volume increased, the average price received for international sales was BRL 136.30/60-kilo bag in the first quarter of 2024, the lowest for the period since 2019, in real terms (values were deflated by the IGP-DI March/24).
In the spot market in Brazil, in turn, consumers have been limiting trades, focused on the higher supply in Argentina and on the possible need of Brazilian producers to open room at warehouses. In spite of that, sellers are unwilling to close trades involving large amounts, due to the lower productivity in Brazil and to high costs of the current season.
As a result, values are practically stable. From March 27 to April 4, the ESALQ/BM&FBovespa Index (Paranaguá) rose 0.4%, closing at BRL 124.28 per 60-kg bag on April 4. The CEPEA/ESALQ Index (Paraná) moved up 0.3%, to close at BRL 120.54 per 60-kg bag. On the average of the regions surveyed by Cepea, soybean prices upped 0.9% in the over-the-counter market (paid to farmers) and 0.3% in the wholesale market (deals between processors).
BYPRODUCTS – The value of soy oil increased 0.8% between March 27 and April 4, at 5,233.08 BRL per ton (in São Paulo city with 12% ICMS) on April 4. On the average of the regions surveyed by Cepea, soymeal prices moved up only 0.2% in the last seven days.
HARVEST – Conab indicates that 71% of the national area had been harvested up to March 31, against 74.5% one year ago.