Brazil grain exports at record levels yet July soy shipments to drop -Anec


By Ana Mano

SAO PAULO, July 18 (Reuters) - Brazil is poised to export a record 18.3 million metric tons of soybeans, soymeal, corn and wheat in July, revised data from exporters association Anec showed on Tuesday, even though soybean shipment projections fell from last week.

The previous record for July was set in 2020 for the four commodities, when 14.8 million metric tons were exported, Anec said.

The estimate puts Brazil on track to ship 106.1 million metric tons of the four commodities during the seven months of the year, which is also unprecedented. That is in spite of Anec lowering its estimated July export volume for soybeans, Brazil's top agricultural commodity, to 8.8 million metric tons from 10.4 million metric tons last week.

The previous export volume record for the first seven months of the year was 89 million tons, reached in 2022, Anec data show.

Thanks to Brazil's massive grain output, soy shipments from the country should also grow in relation to July of 2022, when they totaled 7 million metric tons, according to Anec data.

China is the main buyer of Brazil's soy.

This year, however, Argentina imported significant volumes from its bigger neighbor as a drought destroyed its crops.

Already, corn exports from Brazil are projected at 6.8 million metric tons in July, virtually stable from last week's estimate and above the 5.6 million in the same month in 2022.

Brazil's corn shipments traditionally gain pace in the second half of the year, after the second-corn is harvested.

In 2023, Brazil is expected to unseat the U.S. as the world's biggest corn supplier.

(Reporting by Ana Mano and Roberto Samora Writing by Ana Mano Editing by Sandra Maler)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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