Brazil, the world's leading soybean exporter, has set a new record by exporting over 100 million metric tons of soybeans within a year for the first time. The milestone, driven by a record harvest of approximately 155 million metric tons, surpasses Brazil's previous record of 86.1 million metric tons in 2021. The boost in exports was facilitated by lower international prices, allowing importers like China to build up stocks. However, analysts highlight that the achievement came at the expense of lower prices for Brazilian farmers, who received much lower income compared to the previous year. The larger-than-expected harvest, sluggish forward sales, and a national storage deficit contributed to lower export premiums in the first half of 2023.

SOURCE:GOOGLE