May 8, 2007

Brazil's projected 2006/2007 soy output steady at 58.9 million tonnes

Brazil's Vegetable Oil Industry Association (Abiove) maintained its projections for the country's soy production at 58.9 million tonnes in the 2006/07 crop year, higher than the 56.9 million tonnes produced in 2005/2006.

Abiove expects Brazil's soy exports to stand at 26.6 million tonnes for the 2007/2008 soy marketing year (MY), posting an increase from the previous MY of 24.7 million tonnes.

A total of 29.8 million tonnes of soy are expected to be crushed to leave one million tonnes of soy in stock. The marketing year for soy products starts in February and ends in January of the following year.

On the other hand, soy bran production is seen to total 22.8 million tonnes in 2006/07 and the soy oil output is forecast to reach 5.65 million tonnes.

Soy brand exports are estimated at 12.7 million tonnes and local consumption is seen to total 10.2 million tonnes. The carryover will stand at 864,000 tonnes.

The soy oil exports are calculated to hit 2.1 million tonnes and the domestic market's consumption is projected to total 3.6 million tonnes. A total of 311,000 tonnes of soy oil are expected to remain in stock.