The Brazilian Association of Vegetable Oil Industries (ABIOVE) stated that in 2024, Brazil's soybean meal exports and domestic soybean oil consumption will both exceed earlier expectations.

ABIOVE expects Brazil's soybean meal exports to reach 21.8 million tons in 2024, an increase of 100,000 tons from the previous month, but still lower than the historical record of 22.47 million tons set in 2023, when Brazil's soybean production reached a record high.

ABIOVE stated that the reason for the increase in soybean meal exports is due to strong demand in overseas markets, especially in Asia.

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