StoneX Raises Brazil Soybean Exports Forecast in 2021

SÃO PAULO, Jun 1 (Reuters) – Brazil could export a record volume of 85.5 million tons of soybeans in 2021, consultancy StoneX said on Tuesday, raising its forecast by 500,000 tons from the previous month’s estimate.

In 2020, Brazil exported around 83 million tons of soybeans.

StoneX kept its soybean harvest forecast at a record 135.7 million tonnes, up from 124.5 million tonnes last year.

According to the group’s evaluation, the result could have been even higher if the climate had not been drier in the first months of the cycle, which affected the productive potential in important states.

Meanwhile, the analysis company raised the estimate for imports of soybeans from Brazil to 600,000 tons in 2021, despite having reduced domestic consumption by 500,000 tons to 47.5 million tons.

The consultancy also released smaller projections for the country’s second corn crop, now estimated at 62 million tons, due to the drought.

This represents a drop of 14.7% compared to the May estimate and 17.1% compared to the previous harvest.

(By Roberto Machel. Edited in Spanish by Javier Leira)

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