Brazil’s September soybean exports seen at 7.74 million tonnes as soymeal targets record
ANEC expects Brazil to export 7.74 million tonnes of soybeans and a record 2.6 million tonnes of soymeal in September. Corn shipments are forecast at 5.2 million tonnes as competition from Argentina and the United States and strong domestic demand restrict export availability.
Soybean shipments maintain record pace
Brazil is expected to export 7.74 million tonnes of soybeans in September, about 760,000 tonnes more than in the same month of 2025, according to the National Association of Grain Exporters, known as ANEC. The figure is the association’s first shipment projection for the month and extends a strong export run supported by firm demand and a record Brazilian harvest.
ANEC said soybean exports reached 9.6 million tonnes in August. Based on shipments completed during the year and its initial September estimate, the association expects exports in the first nine months of 2026 to total 102 million tonnes. That would put Brazil close to the full-year record of 108.68 million tonnes registered in 2025 before the final quarter begins.
ANEC did not provide a new full-year soybean forecast in its latest report. It had previously projected record exports of 110 million tonnes for 2026. The association also noted that soybean shipments normally decline seasonally in the final months of the year, freeing port and logistics capacity for exports from Brazil’s second corn crop.
Soymeal set for a monthly record
Soymeal exports are projected at 2.6 million tonnes in September, an increase of 673,000 tonnes from a year earlier. ANEC said this would be the largest monthly volume of 2026 and would also exceed the historical record established in May.
Brazilian soymeal shipments through September are expected to surpass 20 million tonnes. ANEC said the industry is therefore on course to exceed the annual record of 23 million tonnes reached in 2025, although it did not give a precise full-year estimate.
The association reported that market conditions are strengthening soymeal export premiums at the port of Paranaguá and encouraging negotiations for fourth-quarter cargoes. Concerns about the United States harvest have also supported Chicago futures and reinforced the positive price direction for South American free-on-board supplies. The combination gives Brazilian processors and exporters an opportunity to place additional meal in international feed markets.
Corn exports lag behind last year
The soybean and soymeal outlook contrasts with corn. ANEC forecasts Brazilian corn exports of 5.2 million tonnes in September, down from almost 7 million tonnes in September 2025. August shipments totaled 5 million tonnes.
Corn exports through the end of September are projected at 19.35 million tonnes, less than half the 41.59 million tonnes shipped during all of 2025. ANEC cited an S&P Global Energy forecast of 39 million tonnes of Brazilian corn exports in the current marketing year, but the association did not present its own updated annual estimate.
Brazilian corn faces greater competition from Argentina and the United States this year. Exporters are also competing with domestic buyers, particularly corn ethanol plants, while farmers have withheld supplies. ANEC said earlier export volumes were limited by producer retention, more attractive physical-market prices and tight export margins. Commercial activity strengthened in the second half of August as trading companies, cooperatives and ethanol plants competed for second-crop corn. The expected seasonal slowdown in soybean shipments could improve logistical access for corn later in the year, but export economics and domestic demand will continue to determine how much grain reaches foreign markets.
