February 8, 2008

Brazil 2007 soy exports down on demand, smaller crop

Brazil's 2007 soy exports declined in comparison with the year-ago period because of local demand and a smaller-than-expected 2006-07 crop, agribusiness analysts at Celeres said Thursday (February 7).

Brazil exported 23.7 million tonnes of soy in calendar year 2007, compared with earlier estimates made in mid-2007 that the country would export over 25.6 million tonnes.

Celeres said that judging by exports and local consumption, Brazil harvested around 58.5 million tonnes of soy in 2006-07.

The new 2007-08 crop is estimated by Celeres to come in around 59.1 million tonnes. Other firms, like AgRural, recently put the crop over 62 million tonnes.

Earlier estimates for the 2006-07 season were for a crop of 59 million tonnes, leading to a dip in exports.

As of Dec. 31, 2007, Brazil had 1.4 million tonnes of soy in storage, roughly 500,000 tonnes above the year-ago period.

Most of that soy will be gone by the end of February. Brazil's Mato Grosso and Parana states, the leading soy producers, are currently harvesting early-cycle soy in some parts of the state. Around 5 percent of an estimated 17- million tonne Mato Grosso soy crop has been harvested at this time, Celeres said.