August 1, 2011
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Brazilian soy crop to reach 74.1 million tonnes
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Brazilian Vegetable Oils Industry Association, or Abiove, on Friday (Jul 29) increased the forecast of Brazil's 2011-12 soy crop to 74.1 million tonnes, rising 7.5% from last year.
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According to Dow Jones, Abiove's previous estimate, published on July 6, was for 73.6 million tonnes in the crop year that started in February and ends in January.
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The additional production is expected to go into storage, with the trade group raising its forecast for Brazil's final 2011-12 soy stocks to 4.53 million tonnes from 4.03 million tonnes.
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Brazil's soy exports for 2011-12 are estimated at 32.4 million tonnes, unchanged from Abiove's previous report and up 11% on the year.
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Abiove forecasts this year's soy crush at 36.2 million tonnes, up 1.4% from 2010-11. Companies process soy into soymeal and soy oil.
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Brazil is expected to produce 27.5 million tonnes of soymeal and seven million tonnes of soyoil in the 2011-12 year, Abiove said.
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Brazil is the world's number two soy producer and exporter, behind the US.