Soybean meal exports from Brazil are expected to reach record levels in 2024, following an already strong performance in 2023.

According to a report by the US Department of Agriculture (USDA), Brazil is on track to maintain its position as the world's second-largest exporter of soybeans during the 2023-24 marketing season.

In fact, Brazil overtook Argentina in 2022/23 to become the largest soybean exporter globally, a result of Argentina's sharp decline in production.

Brazil, traditionally the largest producer and exporter of soybeans, is also a major supplier of soy oil and soymeal. For 2024, Brazil is expected to export 21.12 million tonnes of soymeal over the 11 months from January to November.

While this is slightly lower than the record 22.35 million tonnes exported in 2023, the country is on track to surpass this figure if it ships around 1.23 million tonnes in December—something considered achievable given Brazil’s strong monthly export performance throughout the year.

Throughout the first half of 2024, Brazil exported an average of 1.4-1.5 million tonnes of soymeal per month. This robust export pace has been sustained into the second half of the year, thanks to ample soybean stock in the domestic market and steady operation of crushing and processing units.

Additionally, the continued strong demand for soymeal from importing countries, along with competitive prices in Brazil, has helped maintain this export momentum.

Overall, Brazil’s soybean meal export performance highlights the country’s growing dominance in the global soybean market, bolstered by its ample production capacity and favorable international demand.