December 5, 2008

Brazil new soy crush remains at 33 million tonnes


Brazil's new 2008-2009 soy crush was left unchanged Thursday (December 4) by the Brazilian Vegetable Oils Industry Association, or Abiove, but a smaller crop is expected.


Brazil should crush 33 million tonnes of soy in the 2008-09 crop. Brazil is currently in the final stage of planting its 2008-09 crop.


The total crop is expected to be 61.2 million tonnes compared to 61.4 million tonnes estimated by Abiove on November 6.


As a result of the smaller crop, and slowing demand from key buyers such as China, Abiove revised its export estimate to 26.4 million tonnes in 2008-09 compared to 26.7 million tonnes on Nov. 6.


Brazil exported 24.6 million tonnes in last year's soy crop.


Brazil's soy crush numbers are used as a market barometer that measures the size of the national soy crop and supply and demand.


Abiove members include the world's largest soy exporting companies, such as Bunge and Archer Daniels Midland.


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

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