March 27, 2008

Brazil 07-08 soy exports seen to be 16 percent higher

Brazil should export 27.5 million tonnes of soy out of the 2007-08 soy crop, or 16 percent more than the previous year, agribusiness consultancy Safras & Mercado said Wednesday (March 26, 2008).

High prices for soy and soy derivatives such as meal and oil will likely translate into a 61 percent export revenue rise to US$18.4 billion.

"Besides just being another historic record for the sector, we are also going to see soy becoming a lead source of export revenue for Brazil, adding to indicators already suggesting a national export revenue record to be beaten (in 2008)," said Flavio Franca, a commodities analyst at Safras.

Brazil should harvest around 59 million tonnes of soy, according to official Agriculture Ministry estimates.

Brazil is the No. 2 soy exporter behind the US.