September 7, 2009

Brazil's 2009/10 (Feb-Jan) soy  exports are forecast to reach a record 27.1 million tonnes compared with August's view of 26.2 million tonnes, Brazil's grain crushing industry association Abiove said on Friday (Sep 4).

Analysts said the smaller-than-expected harvest of soy from No. 3 world producer Argentina due to drought and strong Chinese demand are the main impetus behind Brazil's record shipments of soybeans this year.

The association left the old-crop forecast unchanged at 57.3 million tonnes, compared with the previous season's harvest of 59.94 million tonnes. The old crop finished harvesting in May.

As a result of the increased exports, soy crushing is expected to fall to 30.2 million tonnes this season from 30.9 million forecast last month. The industry crushed 31.9 million tonnes of beans in the previous year.

Meal production will fall to 23.05 million tonnes, from 23.6 million tonnes forecast previously, and soyoil output will fall to 5.8 million tonnes from 5.95 million tonnes. Meal and oil output was 24.16 million and 6.19 million tonnes in the previous season.

Meal exports should fall to 11.55 million tonnes from 12.1 million tonnes seen in August, and soyoil shipments will fall to 1.5 million tonnes from 1.65 million tonnes. Meal and oil exports were 12.53 million and 2.14 million tonnes respectively in the previous season.