Brazil increased soybean meal exports by over 60% in early May

According to the Brazilian Secretariat of Foreign Trade (SECEX), soybean meal exports increased by 60.2% in May compared to the same period last year, while prices remain lower than last year. The average soybean meal export volume in May was 164.9 thousand tons.

Thus, from May 1 to 9, soybean meal exports amounted to 990 thousand tons compared to 2.16 million tons for the entire month of May 2024.

Recently, the national agency Conab increased its forecast for soybean production in Brazil this season to a record 168.3 million tons, and the forecast to 106 million tons.

Recall that 70% of the soybeans imported by China come from Brazil.