March 23, 2007

Abiove raises Brazil's 2006/07 soy crop estimates to 58.6 million tonnes

The Brazilian Vegetable Oil Industries Association (Abiove) raised its 2006/07 soybean crop estimate to 58.6 million tonnes Thursday (Mar 22), from 57.1 million tonnes on March 6.

Abiove now expects the soy crush to reach 29.8 million tonnes in the 2007/08 marketing year, compared with 28.8 million tonnes in its March 6 estimate.

Meanwhile, Abiove also raised its market year 2007/08 soy export estimate by nearly 1 million tonnes to 26.3 million tonnes.

Abiove had earlier put soy exports at 25.5 million tonnes.

Abiove said Brazil should export 3.6 million tonnes of soyoil compared with 3.55 million tonnes in its last estimate, and export 12.7 million tonnes of soymeal, up from 12.3 million tonnes in its previous estimate due to the bigger crop.

Brazil is the world's no. 2 soy producer behind the US.