Brazil Soybean Exports Could Be 3-5 MMT Below Expectations
Bottom Line: Last week, Brazil shipped 1.76 MMT of soybeans. That’s the same as last year. Brazil’s export “commitments” are a record 50.75 MMT and up 11% from last year. But USDA is projecting annual exports to rise 23%. Therefore, export commitments are lagging the pace that “on average” is needed to meet the USDA’s…