January 5, 2007

 

Brazil's soy registrations at 28 million tonnes for 2006/07

 

 

Registrations of Brazilian soybean exports for the market year 2006/07 season are now 11.1 percent higher than the estimated 25.2 million tonnes that Brazil was expected to export as of Dec 31, said the Brazilian Vegetable Oils Industry Association, or Abiove, on Thursday (Jan 4).

 

Some 28 million tonnes of soybeans have been registered for export as of Dec 31, compared with roughly 27.8 million tonnes two weeks ago.

 

While registrations signal a pledge to sell, they can also be cancelled and so do not necessarily reflect final export numbers.

 

Abiove continues to peg Brazil's 2005/06 soy crop--which is sold in the market year 2006/07--at 55.7 million tonnes, and its crush at 28.1 million tonnes.

 

In the market year 2005/06, Brazil registered just over 24.5 million tonnes of soybeans for exports, up 9.3 percent from the 22.4 million tonnes exported.

 

Soymeal registrations for the market year 2006/07 (February-January) by Dec 31 also rose to 12.7 million tonnes, up from 12.5 million tonnes two weeks ago, and up as well from the 12.4 million tonnes that Abiove expects to be exported this season.

 

Soyoil registrations until Dec 31, however, stayed near-level at just under 2.43 million tonnes, compared with 2.4 million tonnes two weeks ago, but still higher than the 2.25 million tonnes that Abiove expects to be shipped this market year.

 

This year's Brazilian soymeal and soyoil exports will be the lowest in four years, due to a local tax law that favours the export of soybeans over derivatives, as well as growing competition from Argentina and a growing Chinese soy crush.

 

Brazil is the world's no. 2 soybean producer after the US.