Brazilian soybean exports in 2018 may surpass a previous record forecast as demand from China remains strong in the final months of the year, when shipments normally dwindle, soy industry group Abiove said.
Abiove had forecast in early October that Brazilian soybean sales would reach 77 million tonnes in 2018, which would be unprecedented.
But exports already totaled around 73 million tonnes through mid-October, suggesting the final export figure may exceed expectations, Daniel Amaral, Abiove manager, said in an interview.
“There is more soy lined up for shipping this month. … We are approaching the end of October and getting closer to Abiove’s projection for the entire year,” Amaral said.
Brazil, the world’s largest soybeans exporter, is expected to sell $30.8 billion worth of the beans in 2018, according to Abiove projections.
Abiove’s estimates, Amaral said, are based on forecasts by key members including Archer Daniel Midlands, Bunge Inc , Cargill, Louis Dreyfus, Amaggi and Cofco. He said the current export projection factored in the possibility of China’s resuming purchases from the United States, which has failed to materialize.
“This scenario is a little far off, with China continuing buying from Brazil,” he said.