March 15, 2010

 

Brazil 2009-10 soy crop seen at 67.6 million tonnes

 

 

The Brazilian Vegetable Oils Industry Association, or Abiove, raised its forecast for the 2009-10 soy crop to 67.6 million tonnes on Friday (March 12).

 

Abiove's February 9 estimate pegged the 2009-10 soy crop at 65.2 million tonnes. The 2008-09 crop produced 57.8 million tonnes.

 

Meanwhile, the 2009-10 crop is in the midst of being harvested.

 

Abiove also raised its data for exports to 28.8 million tonnes against 27.1 million tonnes in its prior estimate in February.

 

And Abiove increased the year's soy crush to 32.9 million tonnes compared to 32.2 million tonnes in its last estimate. Companies crush soy to make soymeal and soyoil.

 

The association said Brazil should produce 25 million tonnes of soymeal in 2009-10, up from its last estimate in February of 24.5 million tonnes.

 

It also said its soymeal export estimate was slightly up at 13 million tonnes for 2009-10 compared to 12.3 million tonnes in its previous estimate. Abiove lifted its estimate for domestic soymeal consumption to 12 million tonnes for the 2009-10 crop season from the 11.9 million tonnes estimated February 9.

 

Abiove added that Brazil should produce 6.3 million tonnes of soyoil in 2009-10, slightly higher than the 6.1 million tonnes in the previous estimate.

 

The group pegged Brazilian soyoil domestic consumption at 5.1 million tonnes in 2009-10 versus 5 million tonnes in the prior estimate.

 

Abiove's soyoil export estimate was at 1.2 million tonnes in 2009-10 compared to 1.1 million tonnes in the estimate last month.