September 4, 2003
Brazil 2003-04 Soybean Exports Seen 21.2 Million Tons
Brazil's 2003-04 (February-January) soybean production is seen at 51 million metric tons, compared with 42.77 million tons the previous season, the Brazilian Association of Vegetable Oil Industries, or Abiove, said Wednesday.
The amount is slightly higher than the previous estimate made by Abiove of 49.8 million tons.
Abiove also raised its estimate for soybean exports by 200,000 tons to 21.2 million tons, up from 16.074 million tons in 2002-03.
Brazilian soybean crushing by local industry totaled 2.385 million tons in July, putting the cumulative total for the first six months of the 2003-04 season at 12.717 million tons.
The July figure is lower than the 2.611 million tons crushed in the like month last year.
In its monthly report, Abiove said 2.05 million tons of soybeans were purchased on the local market by crushers in July, putting the February-July purchasing total at 30.35 million tons.
Soybean exports by the industry in July stood at 1.683 million tons, slightly higher than the 1.278 million tons shipped in the like month last year. Soybean industry sales on the domestic market totaled 380,000 tons in July and 1.594 million tons for the first six months of the 2003-04 season.
Soybean stocks in the hands of industry totaled 7.48 million tons by end- July 2003, compared with 9.88 million tons at end-June, according to Abiove.
At the end of July 2002, soybean stocks stood at 8.52 million tons.
Soymeal production in July amounted to 1.839 million tons, while soymeal exports totaled 1.178 million tons and internal consumption was 699,000 tons.
In the first six months of the 2003-04 season, soymeal output stood at 9.767 million tons, while exports totaled 5.888 million tons and internal consumption was 3.582 million tons.
Soymeal inventories stood at 969,000 tons at end-July, compared to 983,000 tons at the end of June. Inventory levels at the end of July 2002 were 1.05 million tons.
Soyoil production in July totaled 459,000 tons. Exports of soyoil were 228,000 tons in the same period, while the domestic market consumed 248,000 tons.
Cumulative oil output from February to July was 2.439 million tons, while inventories of soyoil were 255,000 tons by end-July 2003, down from 272,000 tons at the end of the previous month.
Abiove has 60 members consisting of local soybean and other vegetable oil crushers.
