Summary: Brazil shipped 3.25 MMT of soybeans this past week (Apr 05), up 723,000 MT for the week. US soybean exports are “estimated” to have been 365,000 MT. It is “estimated” that there were NO soybeans shipped from Argentina. Total Brazilian export commitments are 36.67 MMT, down 2.98 MMT from a year ago. USDA’s projection is 99.00 MMT, down 0.5 MMT from their previous projection. ARC’s projection is 88-92 MMT.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Last week Brazil exported 3.25 MMT of soybeans. Total export “commitments” were 36.67 MMT, which is 2.98 MMT more than a week ago. Commitments are 5.2% BELOW a year ago (see red line). USDA projects final exports will be 4.7% BELOW last year.
There was 11.28 MMT in the lineup that was waiting to load or scheduled to arrive vs 13.52 MMT last year.
Brazil’s cumulative export commitments, for the local marketing year (beginning Feb 1), have accounted for 37.0% of USDA’s projection vs last year’s ratio of 37.2% and the 5-year average of 42.1% (range 37.2% – 45.8%).
The ship lineup indicates that April exports “could” be 13.28 MMT. Last year, April shipments were 14.33 MMT and SESEX exports were 14.00 MMT. There was 9.76 MMT in the lineup scheduled for and 153,000 MT for May 2024.
