#10 | Record are made to be broken
This year has been a record-breaker for Brazil in more ways than one as record crops are being exported in record quantities.
Plus, a 5.7 billion bushel bean crop means there are ample (inexpensive) supplies for crushing which means big volumes and big margins as Argentine crush is faltering amid drought.
Last month, Brazil exported a record 16.7 mmt of soybeans, meal and corn - its third consecutive monthly record this year.
Both soybean and meal exports have set records each of those three months, while the corn program is finally hitting its stride and will see massive volumes over the next few months.
Calendar year cumulative exports are running nearly 20% ahead of last year’s pace with no signs of slowing anytime soon as Brazil will be the world’s largest exporter of all three this year.
Brazil has long been the world’s largest bean exporter but in 22/23 they have dethroned the US as the biggest corn shipper in the world and Argentina as the world’s largest meal exporter this year - neither of which have happened before*.
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