SAO PAULO, BRAZIL— Brazil is expected to import soybeans in 2021 despite the country being one of the world’s largest producers of the commodity, Reuters reported, citing Abiove, an oilseed crushers’ association.
The country will continue to export soybeans to its global customers, leaving little for domestic demand.
According to Abiove’s data, Brazil’s 2021 soybean imports will total 800,000 tonnes, up from 500,000 tonnes in its November projections.
Brazil is the largest soybean producer and exporter in the global markets but demand from buyers such as China has dwindled Brazil’s domestic stocks, Reuters said.
Brazil’s ending stocks are forecast at 219,000 tonnes for this year and 419,000 tonnes for the following year.
Abiove expects Brazil to harvest 132.6 million tonnes of soybeans in 2021 but potential drought could impact output.
Brazil is anticipated to export 83.5 million tonnes of soybean in 2021, a 1.2-million-tonne increase compared to the previous year, Reuters said.