October 5, 2009

Brazil's estimate for the upcoming 2009-2010 soy crush is at 32.2 million tonnes Friday by the Brazilian Vegetable Oils Industry Association, or Abiove.

This compares to Abiove's crush estimate of 29.8 million tonnes from the 2008-09 crop.

Brazil should produce 63.4 million tonnes of soy from the 2009-10 crop.

Abiove pegged Brazil's previous 2008-09 soy crop at 57.3 million tonnes. This is in line with Brazil's National Commodities Supply Corp., or Conab, estimate of 57 million tonnes.

Brazil is in the inter-harvest period for its soy crop. Farmers in states such as Mato Grosso are just staring to plant the new 2009-10 soy crop.

Abiove expects soy exports at 25.8 million tonnes for 2009-10 compared to its estimate of 27.4 million tonnes for 2008-09.

Brazil's soy crush numbers are used as a market barometer that measures the size of the national soy crop and supply and demand.

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

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