Brazil's soybean exports to hit record as US out of market, Chinese demand strong

Brazil's soybean exports are expected to reach 102.2 million tons through end-October, surpassing annual volumes for the whole of 2024 and 2023, reflecting the absence of US competitors serving Chinese importers, grain exporter group Anec data showed on Wednesday.

The previous record for soy shipments from Brazil, the largest global producer and exporter, was set in 2023 at 101.3 million tons, according to Anec figures.

In addition to harvesting a record soybean crop exceeding 170 million tons in 2025, Brazilian farmers are benefiting from strong demand in China, which is embroiled in a tariff war with the US.

"China continues to be the main destination and drive for Brazilian soy shipments," Anec said.

Anec data showed that China imported 6.5 million tons from Brazil in September, representing 93% of the export total, maintaining a historically high share of total shipping volumes out of the South American country.

Relying primarily on Brazil to guarantee supplies, China fetched 79.9% of Brazil's total soybean exports, compared to 74% between 2021 and 2024. In 2024, China's share was 76%, Anec said.

Projections for the year were released in the first monthly shipment report for October, when Anec projects shipments of 7.12 million tons, almost 2.7 million tons above the same month last year.

For the present calendar year, Anec projects that 110 million tons of Brazilian soybeans will be exported.

"Between November and December, another 8 million tons are expected to be shipped, corroborating the annual estimate of 110 million tons," the association said.

Corn shipments reached 6 million tons this month, about 380,000 tons higher than the volume recorded a year earlier.

In the year through October, exports are estimated at 30 million tons, putting Brazil as the world's second-largest exporter of the grain, behind the US.