The Brazilian soybean meal exports were estimated at 2.40 million tons in July. This would be a record monthly high if confirmed by the month's end, according to data released on Tuesday by the grains exporter association Anec.

Anec has revised up its July soymeal estimate from the 2,23 million tons that was expected a week earlier. Brazil, Latin America’s largest economy, was among the top global soybean meal exporters, along with Argentina.

Anec reports that the last month when Brazilian soybean meal exports reached a record high was in May 2023. 2.27 million tonnes were shipped.

Anec stated that the current climate was favorable for shipping products through ports. However, the demand for soymeal on the domestic market remained steady. The association said that final export figures can fluctuate due to changes in shipping schedules.

If confirmed by the end of the month, the total exports would have grown around 11% in comparison to the same period a year ago. Exports would have also increased by over 400,000 tons in comparison to June.

Anec said that it expects Brazil to export 10.43 million tonnes of soybeans in July, a slight decrease from the 10.71 million expected last week.

The previous week, 4,51 million tons were projected. This is an increase of 4.56 million. This result is still below the 5.9 millions tons of corn that Brazil exported in the same time period last year when it harvested a record crop. (Reporting and additional reporting by Leticia Fukuchima; Writing by Luana Marie Benedito, Editing by Aurora Ellis.)