November 10, 2004

Brazil 2005-06 Soybean Export Registrations Edge Forward To 594,000 MT

Brazil soybean export registrations for the 2005-06 marketing year (February-January) totaled just 594,000 metric tons up to Oct. 31, much lower than the 3.93 million tons registered at the same stage last year, according to official figures released Friday.
 
Forward sales of Brazilian soybeans has been slow this year due to low planting margins and restricted credit.
 
Sales progressed little from the 566,000 tons registered on Oct. 15.
 
Brazil will produce 61.5 million tons of soybeans this year. This figure up 21% from the 50.8 million tons produced the year before, according to the Brazilian Association of Vegetable Oil Industries, or Abiove.
 
Export are seen climbing to 22.5 million tons in 2005-06 from an estimated 19.5 million tons for this year.
 
Soymeal registrations totaled 183,000 tons up to Oct. 31, slightly ahead of the 162,000 tons seen 15 days ago, but much lower than the 1.19 million tons at the same point last year.
 
Exports of meal are expected to total 16.2 million tons next year, according to Abiove, rising from 14.4 million tons this year.
 
Soyoil registrations reached 25,000 tons last week, falling from 154,000 tons booked for shipment at the same stage last year.
 
Soyoil exports are seen reaching 2.95 million tons in 2005-06, up from 2.60 million tons this year.
 
Registrations for the last crop rose slowly in the second half of October. The figure for soybeans reached 20.38 million tons, increasing marginally from 20.28 million tons registered on Oct. 15 and slightly lower than the 20.69 million tons registered at the same stage the previous year.
 
Registrations are actually higher than the Abiove forecast for 2004-05 soybean exports of 19.5 million tons, down from 19.99 million tons last year.
 
Soymeal registrations stood at 13.36 million tons up to Oct. 31, up from 12.97 million tons in Oct. 15 and just behind the 13.50 million tons registered for export at the same time last year.
 
Soyoil registrations rose to 2.71 million tons for the 2004-05 season, up from 2.17 million tons at the same stage last year.
 
Brazil is the world's No. 2 producer and exporter of soybeans.