São Paulo, October 9 (Xinhua Finance): The Brazilian National Association of Grain Exporters (Anec) released a report on the 8th saying that the country's soybean exports from January to October this year are expected to reach 102.2 million tons, exceeding the full-year export levels of 2023 and 2024 and setting a new historical high. Benefiting from the continuous growth of China's purchasing demand and record harvests, Brazil is consolidating its position as the world's largest soybean exporter.

The report shows that Brazil's soybean exports for the whole year of 2024 were 9.73 million tons, affected by climate, while the record set in 2023 was 101.3 million tons. Anec said that about 8 million tons of shipments are still planned for November and December, which makes the total soybean exports for the year in Brazil may reach 110 million tons.

Anec pointed out that China is still the largest buyer of Brazilian soybeans, importing about 65 million tons in September, accounting for 93% of Brazil's total exports for the month, maintaining a historically high proportion. In the first 9 months of this year, China's share of Brazil's soybean exports also reached a historical high, averaging 79.9%. From 2021 to 2024, China's average share of Brazil's soybean exports was 74%, and in 2024, China's share was 76%.

Analysts say that in the context of the trade friction between China and the United States, China's reduction in the purchase of US soybeans and its increase in the import of Brazilian soybeans have been important factors in driving Brazil's soybean exports to a record high.

According to Anec data, Brazil's soybean shipments in October are expected to be 71.2 million tons, 2.7 million tons more than the same period last year; during the same period, corn exports are expected to be 60 million tons, about 380,000 tons more than last year. By the end of October, corn exports are expected to reach a cumulative 300 million tons, with Brazil firmly establishing itself as the world's second largest corn exporter, second only to the United States.

Anec also noted that Brazil's soybean meal exports in October are expected to be 1.92 million tons, slightly lower than the 2.46 million tons in October last year, but the year-on-year cumulative exports are still expected to exceed 19 million tons.

Iron ore exports from Brazil to China maintained a strong momentum, excluding agricultural products. According to Anec, China continues to be the main destination for Brazil's iron ore exports, with China importing about 65 million tons of Brazilian iron ore in September, accounting for 93% of Brazil's total iron ore exports, maintaining historical highs.

Analysts believe that China's infrastructure investment is steadily advancing, steel production is rebounding, and the long-term agreement negotiations between BHP and Brazil have not been successful, China's demand for Brazilian mineral products will continue to be strong.

Industry experts point out that Brazil's soybean production is expected to exceed 170 million tons by 2025, laying a foundation for the expansion of exports. Thanks to the stable demand from the Chinese market and changes in the global trade pattern, Brazil's agricultural and mineral product exports have shown significant resilience and growth potential.

As an integrated internet platform providing benchmark prices; On October 10th, the benchmark price of soybeans by SunSirs was 4,272.00 RMB per ton, a decrease of 0.56% compared with the beginning of this month (4,296.00 RMB per ton).

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