January 10, 2009

 

 

Brazil's estimate for the new 2008-2009 soy crush, soy crop and exports was lowered Friday (Jan 9) by the Brazilian Vegetable Oils Industry Association, or Abiove.

 

Brazil should crush 32.2 million tonnes of soy from the 2008-09 crop compared to 33 million tonnes in Abiove's last estimate on December 4.

 

The total crop is expected to be 59.6 million tonnes compared to 61.2 million tonnes estimated by Abiove on December 4.

 

Brazil is currently in the final stage of planting its 2008-09 crop.

 

As a result of the smaller crop and slowing demand from key buyers, Abiove revised its export estimate to 25.7 million tonnes in 2008-09 from the 26.4 million tonnes estimated on December 4.

 

Brazil exported 24.6 million tonnes from the previous 2007-08 soy crop.

 

Brazil's soy crush numbers are used as a market barometer that measures the size of the national soy crop and supply and demand.

 

Abiove said Brazil should produce 24.6 million tonnes of soymeal in 2008-09 compared to 25.2 million tonnes in its last estimate. Abiove revised its export estimate to 12.8 million tonnes of soymeal in 2008-09 from an estimate of 13.2 million tonnes.

 

Brazil should consume 11.8 million tonnes of soymeal in 2008-09 versus the prior estimate of 12 million tonnes.

 

Abiove said 2.1 million tonnes of soy were crushed in November, the lowest amount since 2001.

 

Abiove members include the world's largest soy exporting companies, such as Bunge Ltd. and Archer Daniels Midland Co.