July 30, 2004
Brazil Abiove Lowers 2004-05 Soybean Export View To 19.8 Million MT
Brazil will export 19.8 million metric tons of soybeans in the 2004-05 season (February-January), Brazil's main soybean crushers and exporters association, or Abiove, said Thursday.
That is lower than the 20.2 million tons forecast in June and also slightly lower than the 19.99 million tons sent abroad the year before.
Brazil is the world's second largest soybean producer and exporter.
The crusher group also lowered its forecast for 2004-05 soymeal exports to 15.2 million tons from 15.5 million tons. Meal shipments are seen jumping from 13.58 million tons last year.
Soyoil exports are still seen totaling 2.7 million tons this year, up from 2.4 million tons the year before.
Brazilian soybean production for the last crop is still pegged at 50.6 million tons, according to the Abiove report. The forecast is 2.5% lower than the 51.87 million tons produced the year before.
Slow soybean shipments mean Abiove raised its estimate for year-end soybean stocks to 800,000 tons from the 500,000 tons it estimated in June.
Soymeal output is expected to total 23.2 million tons this season, up from 21.4 million tons last year. Soyoil output is pegged at 5.65 million tons, up from 5.35 million tons in 2003-04.
In June, the Brazilian soybean crush totaled 2.55 million tons, down marginally from the 2.57 million tons processed in May, and down from the 2.64 million tons registered last June.
Brazilian crushers acquired 2.13 million tons of soybeans last month, down from 3.63 million tons in May, the local inter-harvest period deepens. As a result, bean stocks slipped to 10.48 million tons at the end of the month from 12.56 million at the start of the month. Stocks were also lower than the 11.15 million tons recorded at the end of the same month last year.
The industry produced 1.95 million tons of soymeal in June, slightly lower than the 1.97 million tons produced in May.
June soyoil output reached 491,000 tons, the same as the month before.
