Brazil soybean imports during November reached 122,000 tons, 20 times more than in November 2019 (6,000 tons). Purchases cost US$ 49.2 million, compared to the US$ 1.9 million spent a year earlier, as the average value of the ton purchased increased from US $328.8 to US$ 402.4, according to the Brazilian Foreign Trade Secretariat, SECEX.
From January to November, imports totaled 748,000 tons, compared to 131,000 in the first 11 months of last year. SECEX reports the value of purchases reached US$ 245 million, almost six times higher than in the same period of 2019, with US$ 41.1 million.
The strong demand in the domestic market and the record export volumes have led Brazil to renew maximums in soy imports also this year. The combination of these factors, together with the rising dollar, reduced domestic inventories, and the volumes of grain purchased in other countries are expected to remain high until January.
The last year in which Brazil imported a significant volume of soybeans was 2014 when the total reached 577,000 tons imported from January to November. The expectation is that imports persist at high levels until January when the 2020/21 harvest begins in Brazil. Considered the number one producer of the world, Brazil is expected to harvest a record volume of 134.9 million tons.