(Bloomberg) — Brazil never shipped so many soybeans in a
single month as it did in April.
A combination of currency weakness, record harvest and
logistical improvements helped the nation export 16.3 million
metric tons last month, according to preliminary data released
by the Economy Ministry.
The tumble in the real encouraged farmers to sell huge
volumes to traders, who found strong export demand. Importers,
particularly from China, looked to lock in supply amid concerns
over disruptions to global supply chains due to the coronavirus
outbreak. Exports to China rose 28.5% in January through April,
according to the Agriculture Ministry.
Despite the recent boom, Brazil’s grain export group Anec
kept its estimate for the year at 73 million tons, according to
Sergio Mendes, head of the group that calculated April shipments
at 14.3 million tons. Government and Anec figures often diverge,
but both point to a monthly record in April.
“We’ll probably see the U.S. resuming sales to China in the
second half of the year,” he said. “We can’t say 2020 will be so
good as 2018 was for Brazilian exporters.”
In 2018, Brazil shipped a record 83 million tons of the
oilseed.