December 12, 2005

 

Brazil's 2006-07 soybean export registrations rise in November

 

 

Registrations of Brazilian soybean exports for the 2006-07 season picked up a bit in the second half of November though the relentless strength of the Brazil real and the lull in international soy prices continued to preoccupy producers, official figures showed Thursday.

 

Soybean export registrations to Nov 30 reached 1.83 million tonnes, up 227,000 tonnes from the 15 days before, and well ahead of the 737,000 tonnes registered from the same period of the season last year, according to government figures released by the Brazilian Vegetable Oils Industry Association, or Abiove.

 

Last year, however, farmers shunned world markets as prices tumbled, so comparing those figures to this year's figures can be misleading. The 2006-07 registrations are still far lower than the 5.3 million tonnes seen at the same point of the more typical 2004-05 season.

 

Abiove forecasts 2006-07 soybean exports will total 24.5 million tonnes, up from an estimated 22.1 million tonnes in 2005-06.

 

That means that soybean registrations to date equal just 7 percent of estimated exports--again higher than the 3.3 percent registered at the same point a year ago--but far lower than the 28 percent registered in 2004-05.

 

Meanwhile, soybean meal registrations for the 2006-07 season totalled 403,000 tonnes by November 30, up 167,000 tonnes from two weeks before. That's above the 308,000 tonnes registered at the same point last year and well below the 1.3 million tonnes registered for 2004-05.

 

Tight crush margins are reducing meal export opportunities for the 2006-07 season.

 

Soymeal exports are expected to end the 2006-07 season at 13 million tonnes, down from an estimated 13.5 million tonnes this year.

 

Soyoil export registrations to Nov 30 totalled 30,000 tonnes, the same as two weeks ago, and down marginally from the 32,000 tonnes at the same point last year.

 

Exports for soyoil for the coming season are pegged to reach 2.45 million tonnes, down from the 2.5 million tonnes this year and equivalent to the 2.45 million tonnes exported in 2004-05.

 

Brazil is the world's no. 2 soybean producer after the US.