September 6, 2006

Abiove lowers Brazil's 2006/07 soy crush to 27.8 million tonnes

The Brazilian Vegetable Oils Industry Association (Abiove) lowered its soy crush estimate on Tuesday (Sep 5) for market year 2006/07 to 27.8 million tonnes compared to 28.2 million tonnes in its previous reports.

The 27.8 million figure, to be sold in 2006 and early 2007, is from the 2005/06 soy crop Abiove puts at 55.7 million tonnes, also lower than the 56.1 million tonnes it estimated on Jul 26.

Although Abiove does not provide explanations in its crush report, the lower numbers are no surprise as overall soy production numbers have fallen from previous estimates. Abiove has the highest soy production estimate for the 2005/06 soy crop, which has already been harvested. Most public and private estimates put the crop around 53 million tonnes.