July 15, 2010

Brazil raises 2009-10 soy exports forecast

 

 

The Brazilian Vegetable Oils Industry Association, or Abiove, on Wednesday (July 14) raised its forecast for soy exports to 29.5 million tonnes from the 2009-10 crop season.

 

This compares to its prior estimate in May of 29.2 million tonnes and 28 million tonnes a year ago.

 

Abiove said the year's soy crush was seen at 33.1 million tonnes, steady from the previous estimate and higher than the 30.7 million tonnes last year. Companies crush soy to make soymeal and soyoil.

 

Meanwhile, the harvested 2009-10 soy crop is seen at a record 68.4 million tonnes compared to 57.3 million tonnes a year ago. Abiove trimmed its data for Brazil's final stocks of soy to 3.7 million tonnes from 4 million tonnes in May. This is up from 2.1 million tonnes last year, Abiove said.

 

Abiove members include the world's largest soy-exporting companies, such as Bunge Ltd. (BG) and Archer Daniels Midland Co. (ADM).

 

Brazil is the world's No. 2 soy producer after the US.