April 23, 2008

 

Abiove adjusts Brazil's soy crush estimates up, production down 

 

 

Brazil should crush 32.4 million tonnes of soy in market year 2008-09, the Brazilian Vegetable Oils Industry Association, Abiove, said Tuesday (April 22, 2008).

 

Abiove raised its estimate this week from the 32.2 million tonnes reported in March.

 

This estimate is for soy crushed out of the 2007-08 soy crop, which is in its final weeks of harvesting. Abiove estimates the 2007-08 crop will come in at 61.3 million tonnes, down from 61.5 million tonnes in the March estimate.

 

Of the 32.4 million tonnes of soy expected to be crushed, Brazil should make 24.8 million tonnes of soymeal and 6.2 million tonnes of soyoil.

 

Exports and Local Consumption Estimates
 

Exports of Brazilian soy for market year 2008-09 are put at 27.3 million tonnes, unchanged from the March estimate. Last year, Brazil shipped 23.8 million tonnes of soy to world markets out of a crop of 58.7 million tonnes.

 

Soymeal exports in market year 2008-09 should be 13.1 million tonnes and soyoil exports should be around 2.15 million tonnes, both unchanged from Abiove' March estimate.

 

Local consumption of soymeal is seen rising to 11.8 million tonnes from 11.6 million in the March estimate, and up from 11.3 million tonnes last year.

 

Soyoil consumption should be 4.1 million tonnes, up from 4 million tonnes estimated in March and 3.6 million tonnes consumed last year. The higher numbers are mostly due to biodiesel, which Brazil makes from soy oil. Brazil mandated a biodiesel mix in diesel fuel this year.

 

Brazil is the world' No. 2 soy producer behind the US.