Brazil exported less soy and sugar in February compared to the same month last year, but boosted shipments of corn, soybean meal and soybean oil, according to data released yesterday.

The fall in exports of soybeans and sugar is attributed to the slowing of planting and harvesting of oilseed this year, according to the Secretariat of Foreign Trade (Secex). Data from the Secretariat show that the country exported 2.86 million tons of soybeans in February, 650 thousand tons less than in the same period of 2017.

However, there was a large increase in sales of soy products. Brazil exported 1.35 million tons of bran last month, almost twice the volume a year ago, and shipped 125.6 thousand tons of soybean oil, down from 75.5 thousand tons last year.

Argentina, the global leader in the export of soy derivatives, is experiencing severe drought, and the country should have less bran and soybean oil to sell this year. It is not yet clear, however, whether buyers are switching to an offer from other producing countries, such as Brazil.

Corn

According to Secex, corn exports also increased in the period to 1.2 million tons, an increase of 700 thousand tons above the volume reported in February 2017.

Sugar shipments, however, were much smaller on the same basis of comparison. They were shipped around 1 million tons, 500 thousand tons less than February of 2017, according to mills. The reason is the global oversupply of the commodity, which has led mills to choose to produce more ethanol.

There was also a large drop in oil exports, both compared with February last year and January this year.

Source: DCI