Brazilian exports of soybeans break record on Chinese demand

Data collected by Anec, the Brazilian association of cereal exporters, indicate that Brazil exported 14.9 million tonnes of soybeans in March, the most in any month on record, the Brazil-Arab News Agency reports.

The news agency quotes Anec as announcing on Tuesday that soybean exports in March were 12 per cent greater than a year earlier.

Anec figures show that China bought 72 per cent of Brazilian exports of soybeans in the first quarter of this year, Spain bought 5 per cent and Portugal 1 per cent, the Brazil-Arab News Agency says.

Last August Reuters news agency reported that a consulting firm, StoneX, had forecast that in the year ending September 2021 Brazilian production of soy beans would grow to 132.6 million tonnes, 8 per cent more than the year before and the most in any year yet, as farmers planted more land with the crop to meet strong demand in China.