In spite of the slow pace of soybean trade in the past five years, the first seven months of 2023 have seen Brazil achieve a record volume of exports, as reported by the country’s National Supply Company (Conab).
China, a key importer, bought 62.3 million tons of soybeans, marking a 15% increase from the same period in 2022. “Brazilian farmers have sold around 80.93% of that imported volume to date, totaling 50.42 million tons of soybeans, according to data from the Foreign Trade Secretariat (Secex),” noted Leonardo Amazonas, a market analyst at Conab.