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Brazilian Soy Exports: February Forecast vs. 2026 Results

Reuters reported a preliminary 14-million-ton Brazilian soybean export forecast for January–February 2026, while MDIC later recorded 9.0 million tons. Consultancies also put 2025/26 farmer sales below their own comparison benchmarks.
From TheFinanceBase Team3 min to read
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Brazil’s projected soybean exports of 14 million metric tons for January–February 2026 did not match the later official tally: Brazil’s Ministry of Development, Industry, Trade and Services (MDIC) reported 9.0 million metric tons for those two months. The 14-million-ton figure was a preliminary schedule-based forecast reported by Reuters on February 8, not the realized export total. At the same time, three consultancies estimated that farmers had sold less of the expected 2025/26 crop than their respective comparison benchmarks.

What the February forecast said—and what exports totaled

On February 8, 2026, Reuters reported that preliminary shipping schedules from Brazil’s National Association of Cereal Exporters (Anec) pointed to 14 million metric tons of soybean exports in January and February combined. The estimate reflected scheduled shipments, not a final customs tally. Reuters report syndicated by Successful Farming, February 8, 2026.

MDIC’s consolidated trade series, updated October 6, 2026, subsequently reported 1.9 million metric tons exported in January and 7.1 million in February, or 9.0 million combined. That official total is 5.0 million metric tons below the earlier estimate. The available figures do not explain the gap, so it should not be attributed to any particular cause. MDIC consolidated trade statistics.

Measure January–February 2026 What it represents
Anec estimate reported by Reuters 14 million metric tons Preliminary schedule-based forecast reported February 8, 2026. Reuters report.
MDIC reported exports 9.0 million metric tons (1.9 million in January; 7.1 million in February) Official reported trade data in a series updated October 6, 2026. MDIC statistics.

How slow were farmers’ crop sales?

Reuters’ February report cited three consultancy estimates for sales or sales commitments against expected 2025/26 production. Their percentages are not a single like-for-like ranking: each firm used its own stated comparison.

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These were estimates reported in February 2026, not final measurements of the amount ultimately sold. Their different benchmarks also mean the percentages should not be treated as directly comparable performance measures. Reuters report syndicated by Successful Farming.

Why sales were slow while shipments were expected to be high

Reuters attributed the slower farmer selling pace to three market pressures: a stronger Brazilian real, high freight costs, and abundant supply weighing on Chicago futures prices. These factors could make producers less willing to sell at prevailing returns even as export schedules pointed to substantial near-term movement. The report described market conditions at that time; it does not establish that each factor alone determined sales.

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The report offered a local price example from Rondonópolis, Mato Grosso: soybeans were trading at 100 reais per bag, 10% below the year-earlier level. That was a February 2026 reported price, not a current quote or a national price average. Reuters report, February 8, 2026.

Why a late selling rush could create risks

Safras & Mercado analyst Rafael Silveira warned, as summarized by Reuters, that slow sales could leave a larger volume to move later. In that scenario, concentrated demand for transport and export capacity could create logistical bottlenecks, push freight costs higher, and widen price discounts. These were identified risks, not confirmed outcomes.

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What later 2026 export data shows

The MDIC series updated October 6, 2026, lists 100.2 million metric tons of soybean exports from January through September 2026, 6.7% more by quantity than in the corresponding period of 2025. September was the latest month available in that series; it does not establish a final full-year 2026 total. MDIC’s open-data documentation identifies Comex Stat as the source of its trade data and also states that the detailed data then available ran through September. MDIC open-data documentation.

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Harvest expectations were forecasts, not final production

Reuters’ February report described an expected record 2025/26 soybean harvest of 180 million metric tons, about 10 million tons above the previous season. That figure was a forecast at the time, not a verified final harvest result. Reuters report syndicated by Successful Farming.

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