September 22, 2004

Abiove Cuts Brazil 2004 Soy Export Forecast To $9.76 Billion

Brazil's 2004 soy complex export revenue should total $9.76 billion, according to a forecast from the Brazilian Oilseeds Association (Abiove) on Tuesday evening.

The figure is down from the $9.93 billion forecast of August.

The new forecast is based on expectations of 19.5 m/t of soybeans exported at an average $265/t resulting in a $5.16b soybean export revenue.

The volume of soy meal shipped in 2004 should be 14.4m/t at an average $220/t, resulting in a $3.15b export revenue.

Soy oil shipments are forecast at 2.6m/t at an average $550/t, generating a $1.43b revenue.

The 2005 soy complex export revenue has also been revised downwards by Abiove, to $9.34b from $9.52b foreseen in August.

In 2005 Abiove foresees 22.5m/t of soybeans exported at an average $220/t, resulting in a $4.95b soybean export revenue.

The volume of soy meal shipped in 2005 should be 16.2m/t at an average $180/t, producing a $2.92b export revenue.

Soy oil shipments are forecast at 2.95m/t at an average $500/t, generating a $1.47b revenue.