September 22, 2003

Brazil & Argentina Soybean Exports Up 11 Percent

Brazil and Argentina, the world's leading soybean producers, are likely to export nearly 11 percent more of the commodity in 2004 as anticipated output looks set to rise, a leading industry official said on Monday.

Combine soybean export is likely to reach 33.5 million tonnes next year, up from about 30.2 million tonnes in 2003, Carlo Lovatelli, president of the Brazilian Association of Vegetable Oils Industries (Abiove) told an international oil seminar.

Brazil's soybean exports are seen at 24 million tonnes in 2004, up from the previous year's 21.2 million tonnes, while Argentinean export is at 9.5 million tonnes, compared with nine million tonnes, Lovatelli said.

Lovatelli said Brazil could be exporting 2.8 million tonnes of soyoil in 2004 against 2.4 million tonnes in the previous year. Argentina's oil exports should also rise to 4.6 million tonnes from 4.4 million.

"The Brazilian crop that will be harvested through April 2004 is expected to reach 57 million tonnes, a significant growth of more than 10 percent over the previous year," Lovatelli said.