July 3, 2007

 

Brazil's 2007/08 soy crop registrations at 70 percent

 

 

Brazil export registrations for the marketing year 2007/08 soybean season are 70 percent as of June 15, for a total of around 18.7 million tonnes, the Brazilian Vegetable Oils Industry Association, Abiove, said Monday (July 2).

 

Abiove estimates that Brazil will export 26.6 million tonnes of soybeans in marketing year 2007/08, up from 24.7 million tonnes in marketing year 2006/07.

 

Export registrations of soybeans are currently behind the previous year's  registrations of 82 percent, giving credence to what soy exporters have been saying all month regarding Brazil's slow soy exports.

 

Marketing year 2007/08 is for soy to be exported from February 2007 to January 2008. The soy is from the 2006/07 soy crop, which was harvested two months ago.

 

Abiove estimates that Brazil's 2006/07 crop was 59.3 million tonnes.

 

Also registered for export are 7.4 million tonnes of soymeal and 1.3 million tonnes of soyoil as of June 15, Abiove said.

 

Abiove estimates that Brazil will ship 12.9 million tonnes of soymeal to world markets in marketing year 2007/08 and 2.1 million tonnes of soyoil.

 

Last season, Brazil exported 12.2 million tonnes of soymeal and 2.2 million tonnes of soyoil to world markets.

 

Brazil is the No. 2 soybean exporter behind the US, but is expected to become the world's No. 1 soybean exporter as the US opts for corn over soy on its Midwestern farms.