Brazil Soybean Export Commitments up 4% But USDA Projecting Annual Exports Will Rise By 22%
Bottom Line: Brazil’s export commitments are up 4% from last year but USDA is projecting annual exports to rise 22%. Export commitments are lagging the pace that “on average” is needed to meet the USDA’s projection. This suggests that Brazil’s ending stocks could be 2-4 MMT larger than the 5.7 MMT that USDA is currently…