Brazil’s National Association of Grain Exporters (Anec) has revised down its forecasts for May soybean and maize sales. Anec, which updates its forecasts weekly, currently expects Brazil to export 11.48 million tons of soybeans this month, a 1.8 percent reduction on its previous forecast and 20.7 percent less than in May 2021.
Forecasts for maize exports have also been revised downwards, by 1.7 percent to 1.24 million tons, while projections for soybean meal and wheat have been revised upwards.
According to Anec, overall soybean exports were down around 3 percent in the first four months of the year from the same period in 2021. However, exports of soybean meal, maize, and wheat were up, with wheat sales in January-April increasing more than a four-fold year on year. As The Brazilian Report explained earlier this month, there has been a rush in wheat production as prices soar due to the war in Ukraine.