July 2, 2008

Brazil's soy exports much pricier than past year but still moving

Even as Brazilian soy prices rose 60 percent above prices last year, export volumes in June still managed a 16-percent increase over the same month in 2007.

Brazil's soy exports declined in June when compared to May figures, hitting 3.5 million tonnes compared to 4.4 million tonnes in May, the Foreign Trade Ministry said Tuesday (July 1, 2008).

However, The number is 16 percent higher than the 3.07 million tonnes registered in June 2007 from the 2006-07 crop season.

Brazil soy export prices in June went for an average of US$424.90 per tonne, up from US$418.80 in May and 60 percent above the US$265.90 in June 2007.

Soymeal exports increased slightly from the past year while soyoil exports fell.

Soymeal exports for June were 1.2 million tonnes compared to 1.7 million tonnes in May and 1.1 million in June 2007.

Soyoil exports for June were 129,300 tonnes compared to 147,100 in May and 169,500 in June of last year.

Brazil is the world's No. 2 soy producer and exporter behind the US.