April 10, 2007

Brazil soy export estimate up at 26.6 million tonnes

Brazil's main soybean exporters raised their monthly export estimate by 300,000 tonnes to 26.6 million tonnes for market year 2007/08, the Brazilian Vegetable Oils Industry Association, Abiove, said Monday (Apr 9).

The export volume increase was due to a larger crop estimate, currently put at 58.9 million tonnes compared to 58.6 million in Abiove's last report, dated March 21.

Exports for soymeal and soyoil were unchanged and stand at 12.7 million and 2.1 million tonnes, respectively.

The soy crush total for market year 2007/08 remained unchanged at 29.8 million tonnes, Abiove said. As a result, Brazil is still expected to make 22.8 million tonnes of soymeal from the crush and another 5.65 million tonnes of soyoil from this market year's crush total. Crush totals are the highest they've been in seven years.

Local consumption estimates for soymeal remain unchanged at 10.2 million tonnes. The same holds true for soyoil, currently at 3.6 million tonnes.

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