December 24, 2007

Brazil soy production/exports for 07-08 crop revised

The Brazilian Vegetable Oils Industry Association, or Abiove, on Friday (December 21, 2007) revised its estimates for production and export of soy products in the 2007-08 crop, which ends January 2008.

Abiove's estimate for crushing of soys was revised upwards from 30.5 million tonnes to 30.7 million tonnes, while estimated exports up to January 2008 were lowered from 24.9 million tonnes to 24.5 million tonnes.

Soymeal production was forecast to rise 100,000 tonnes from Abiove's last report, to 23.5 million tonnes, while production of soy oil is expected to total 5.85 million tonnes, up slightly from the previous estimate of 5.8 million tonnes.

Abiove expects domestic consumption of soymeal to rise from the 10.6 million tonnes in its last estimate to 10.7 million tonnes.

For the 2008-09 crop, Abiove puts soy production estimates at 60.5 million tonnes, and soy exports at 27.3 million tonnes.

Brazil is the world's No. 2 soy grower behind the US.