March 8, 2007

 

Abiove: Brazil's 2007/08 soy crush remains at 28.8 million tonnes

 

 

Brazil's market year 2007/08 soy crush remains at 28.8 million tonnes, the Brazilian Vegetable Oils Industry Association, or Abiove, said Wednesday (Mar 7).

 

Abiove also maintained its expectations for the 2006/07 soy crop at 57.1 million tonnes. Exports remain at 25.5 million tonnes, as well. The number would be a record for Brazil's soy trade. Brazil is expected to ship 24.7 million tonnes in market year 2006/07.

 

Current soy stocks are 2.1 million tonnes.

 

Soymeal production estimates remain stable at 22.2 million tonnes this month. Local consumption for market year 2007/08 was put at 10 million tonnes once again. There are roughly 825,000 tonnes of soymeal in storage at this time.

 

Soyoil production estimates remain at 5.45 million tonnes. Consumption of soyoil was put at 3.55 million tonnes once again. Soyoil stocks were put at 285,000 tonnes.

 

Abiove's figures represent between 80 to 82 percent of Brazil's soy crush companies.

 

 

Soy complex exports

 

Soymeal export estimates remain at 12.3 million tonnes

 

Soyoil exports rose slightly 1.95 million tonnes from 1.9 million tonnes estimated last month.

 

Exports of soymeal remain relatively flat, rising marginally from market year 2006/07. Soyoil exports continue to decline from previous years. Brazil is expected to ship 2.25 million tonnes of soyoil in market year 2006/07, or between February 2006 and January 2007.

 

Brazil's tax laws favour export of soybeans over meal and oil.

 

Brazil is the world's no. 2 soy exporter behind the US.