November 5, 2009
Brazil's 2008-09 soy crush cut to 29.5 million tonnes
The Brazilian Vegetable Oils Industry Association, or Abiove, Wednesday (November 4) trimmed its crush estimate to 29.5 million tonnes for the 2008-09 crop.
Abiove's previous estimate on Oct. 2 pegged the 2008-09 soy crush at 29.8 million tonnes.
Abiove's estimate remained steady for the upcoming 2009-10 soy crush at 32.2 million tonnes.
The industry group said Brazil should produce 57.3 million tonnes of soy from the 2008-09 crop, which has already been harvested. Brazil should also produce 63.4 million tonnes of beans from the new 2009-10 crop. The crop is currently being planted.
Moreover, Abiove also trimmed its estimate for Brazil's 2008-09 soy exports to 27.7 million tonnes for the 2008-09 crop, from 27.4 million tonnes in its October estimate.
Abiove said soy exports should rise to 25.8 million tonnes for 2009-10.
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.
