Brazilian soybean exports may hit a consecutive record monthly high in April on strong demand from China, agribusiness consultancy Safras & Mercado said, citing shipping data.
Brazil is poised to export an estimated 13.5 million tonnes based on soy vessel shipping schedules, according to the consultancy.
The previous record was in March, when Brazil exported an estimated 13.3 million tonnes of the oilseeds.
China is expected to focus its soy purchases on Brazil in first half of 2020, making the country’s cumulative sales to China likely to surpass usual levels, the consultancy said.
“The month of April may register a new record for exports. As expected, China will concentrate its purchases on Brazil in the first half,” analyst Luiz Fernando Roque said.
In the second half, Roque expects China to turn to the U.S. soy supplies as the Asian country honors the terms of its trade agreement with the United States, the analyst said.