Brazil, the world’s top poultry meat exporter, is expected to increase chicken meat exports in 2024. On the other hand, the country’s soybean projections for the South American agricultural leader are expected to dip slightly in the New Year.
Increased Chicken Meat & Pork Exports
Higher chicken meat production is anticipated in the coming year for Brazil, and negotiations are also expected to expand Brazil’s pork exports. New markets are being targeted with both the United Kingdom and Malaysia in their sights.
Brazil held 35 percent of the poultry market share in 2022 and remains unaffected by the devastating outbreak of Highly Pathogenic Avian Flu (HPAI) in commercial poultry.
The director of the Brazilian Association of Animal Protein notes that reduced shipments from competitors such as the European Union and Canada could also boost exports at a time when poultry producers across the globe are constrained by the disease.
Slight Dip in Soy Projections
Also in Brazil, the soybean output projection for this year and next has been reduced to just over 160 million metric tons.
According to the Brazilian Association of Vegetable Oil Industries, analysts predict a one-percent increase compared to the previous year. The updated forecast has resulted in a minor dip in projected soybean exports for the coming year. The Association also made adjustments to crush estimates for soybeans, soy meal, and soy oil production and export projections for both 2023 and 2024.
Shaun Haney joined RFD News to discuss the potential impact of the Trump-Xi summit uncertainty, ongoing agricultural trade talks, and why geopolitical developments could carry important implications for farmers and global commodity markets.
