July 9, 2007

Brazil's 2007/08 soy exports seen to increase by 22 percent at 26.8 million tonnes 

Brazilian 2007/08 soy complex exports are expected to rise in market year 2007/08 by 26.8 million tonnes compared to market year 2006/07, according to Brazilian Oilseeds Association or Abiove.

Abiove said Brazil's soybean, meal and oil exports will all surge in market year 2007/08 compared to last year.

In market year 2006/07, Brazil shipped 28.7 million tonnes of soybeans, 12.2 million tonnes of soymeal and 3.2 million tonnes of soyoil to world markets.

Soy from market year 2007/08 is sold from February 2007 to January 2008 and is from the soy harvested in the 2006/07 crop.

Brazil soy crushers bought 21.9 million tonnes of soybeans from February to May, with May purchases dropping to 1.9 million tonnes, the lowest all year.

May's purchases were also the lowest since May 2003's purchasing volume of 1.8 million tonnes.

Brazilian soy crush in May of 2.4 million tonnes was the highest so far this year but was the lowest May soy crush since 2001 when 2.3 million tonnes were crushed into soymeal and soyoil.

Brazil has stocks of 15 million tonnes of soybeans, 1.3 million tonnes of soymeal and 401,000 tonnes of soyoil in stock as of May, according to Abiove.

Abiove represents between 87 percent and 91 percent of the sector.