Brazilian exports of soyabeans and corn in the first quarter were larger than seen in the same period a year earlier, data released on Monday by the country's economy ministry shows. Brazil shipped 8.95 million tonnes of soyabeans in March, more than the 8.81 million tonnes in the same month last year, leading total exports in the quarter to 17.2 million tonnes. Soya exports in the first quarter of 2018 reached 13.2 million tonnes.
The large quarterly volume comes despite analysts' projections for a smaller annual volume this year. But shipments could fail to repeat numbers seen in 2018 in coming months, as the crop is smaller and China has resumed buying US soya.
Corn exports were also larger in the first quarter than seen last year. Brazil shipped 891,900 tonnes in March and 6.86 million tonnes in the quarter, compared to 4.88 million tonnes in the first quarter in 2018.
Exporters say that corn holders have been selling more recently, due to the need to free up space in silos to receive the second corn crop around June, among other factors. Other highlights in the monthly commodities exports numbers include a fall in sugar shipments and rising ethanol volumes.
Iron ore exports suffered in March, possibly as a result of difficulties mining company Vale SA is having in some operations following a deadly January dam disaster in Minas Gerais state.
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