The National Cereal Exporters Association (ANEC) reduced its forecast for Brazil’s soybean and corn exports this year, despite significant volumes of oilseed exports to China in the first quarter.
The association, which represents agribusiness giants like ADM and Cargill, estimated soybean exports for the year at 67 million tonnes, up from 73 million tonnes in a forecast released in early January.
In a statement, ANEC showed no reason to reduce the estimate, in a year in which the crop of Brazil, the largest global exporter of oilseed, suffered a fall due to the drought.
But the association also said that for April, ship scheduling points to shipments of 6.9 million tonnes, up from more than 10 million tonnes in the same month last year.
According to Anec, Brazilian soybean exports totaled 9.6 million tonnes in March, down 12 percent from the same month last year. According to government data, however, shipments increased slightly.