November 29, 2004

 

 

Brazil's Abiove Holds 2004-05 Soybean Estimate At 61.5 Million MT

 

Brazilian 2004-05 soybean production (October-September) will total 61.5 million metric tons, according to the latest estimate by the Brazilian Vegetable Oil Industries Association, or Abiove.

 

The association maintained its estimate from last month, and which is up from 50.8 million tons in 2003-04.

 

Abiove also kept its export estimate at 22.5 million tons for the 2005-06 season. That's up 15% from 19.5 million tons last year.

 

With a drop in international prices, the estimate for soy complex export revenues in 2004 was lowered to $10.09 billion from $10.10 billion.

 

The estimates were based on a survey of 88% to 90% of Brazil's crushing capacity. Brazil is second only to the U.S. in soybean production.

 

Brazil Soy Supply And Demand Table (figures in millions of metric tons):

 

 

                            2005-06 (marketing year)      2004-05 (marketing year)

                              October     September         October       September

SOYBEANS

Carryover Stocks     1.000         1.000                 1.124         1.124

Production             61.500        61.500               50.800        50.800

Exports                 22.500        22.500               19.200        19.500

Crushing               32.200        32.200               29.200        29.200

End Stocks              1.200         1.200                 1.000         1.000

 

SOYMEAL

Carryover Stocks     0.962        0.962                0.862          0.862

Production             24.900        24.900             22.600        22.600

Domestic Use          8.800        8.800                8.300          8.300

Exports                 16.200        16.200             14.400        14.400