Soybean meal exports from Argentina fell 5.6% in July from June, to reach 2.33mn Mt. June had advanced to the highest so far this year at 2.47mn Mt, and surpassed the June 2020 peak at 2.46mn Mt. The highest on our records was reached in July 2019 at 2.89mn Mt. Argentina’s agricultural loadings were weighed slightly in July by low water levels in the Parana River, and by the drought that occurred during the growing season.
Brazil’s soymeal exports increased 35.4% in July to 1.83mn Mt, but remained below the May high at 1.99mn Mt. The highest on our records was reached in May 2020 at 2.15mn Mt. The seasonal peak in exports from Brazil typically occurs in May, before settling toward a low point between November and February.