August 1, 2007

Brazil 2007/08 soy crush unchanged at 30 million tonnes

Brazil's market year 2007/08 soy crush remained unchanged this month at 30 million tonnes, the Brazilian Vegetable Oils Industry Association, or Abiove, said Tuesday (July 31).

That makes 2007/08 Brazil's biggest soy crush ever. Brazil crushed 28.7 million tonnes last year.

Abiove maintained its expectations for 2007/08 exports at 26.8 million tonnes. The group represents Brazil's top soy exporters. Industry estimates put the 2006/07 soy crop, which will be sold from February 2007 to January 2008, at 59.5 million tonnes.

Current soy stocks are 13.1 million tonnes as of June.

Soymeal production estimates remain at 23 million tonnes from the 22 million tonnes last year. Local consumption for market year 2007/08 was left unchanged at 10.2 million tonnes. There are roughly 1.2 million tonnes of soymeal in storage at this time. Soymeal export targets for market year 2007/08 are unchanged at 12.9 million tonnes.

Soyoil production is up to 5.7 million tonnes from the 5.5 million tonnes produced last year. Consumption of soyoil is steady at 3.6 million tonnes. Soyoil stocks were put at 419,000 tonnes as of June. Soyoil exports should be around 2.2 million tonnes, just slightly lower than the previous market year total.

Abiove's figures represent between 80 to 82 percent of Brazil's soy crushing companies.

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