March 4, 2008

 

Brazil and Argentina to harvest 105.9 million tonnes of soy

 

 

Brazil and Argentina will harvest a combined 105.9 million tonne soy crop in the 2007-08 season, local agribusiness consultancy Celeres said Monday.

 

On Friday, the Buenos Aires Cereals Exchange said in its weekly crop report that Argentina should harvest 47 million tonnes of soy, down 3 percent from the previous season.

 

Brazil, on the other hand, should harvest around 58.9 million tonnes, according to Celeres' own estimate, which is up just 0.8 percent on the year.

 

Brazil and Argentina combined are the world's leading soy producers. Individually, the US is No. 1, followed by Brazil, then Argentina.

 

Celeres said that carry-over stock from Brazil's previous crop, coupled with new supply currently coming on line, should have total supply for market year 2008-09 of 60.4 million tonnes, 2.5 percent more than the supply in market year 2007-08.

 

Brazil is expected to crush 31.2 million tonnes of soy in 2008, up only slightly from the 31 million crushed into meal and soyoil last year, Celeres said.

 

Carry-over stock at the end of this season should be around 988,000 tonnes, compared with earlier estimates of around 1.4 million tonnes.

 

Celeres estimates that Brazil will produce 24.5 million tonnes of soymeal from this crop, up 0.65 percent on the year. Of the total, 11.8 million will be consumed locally, which is similar to last year's consumption totals.

 

Exports of soymeal are seen at around 12.8 million tonnes, up 2.6 percent on the year.

 

Celeres sees soyoil production at 5.7 million tonnes, of which 2.9 million will be consumed locally and the rest will get exported.