December 7, 2009

Brazil 08-09 soy exports seen to reach 28 million tonnes

The Brazilian Vegetable Oils Industry Association, or Abiove, Friday (December 4) lifted its soy export estimate to 28 million tonnes for the 2008-09 crop.

Abiove's previous estimate on Nov. 3 pegged 2008-09 soy exports at 27.7 million tonnes from the already-harvested crop.

Abiove's estimate remained steady for soy exports at 25.8 million tonnes from the upcoming 2009-10 soy crop that is currently being planted.

The industry group also trimmed its production estimate to 56.9 million tonnes for the 2008-09 crop versus its earlier estimate of 57.3 million tonnes on Nov.3.

Abiove said Brazil should also produce 63.4 million tonnes of beans from the new 2009-10 crop.

Abiove maintained its estimate for Brazil's 2008-09 soy crush at 29.5 million tonnes for the 2008-09 crop and 32.2 million tonnes in 2009-10.

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 Ltd. and Archer Daniels Midland Co..
 

Brazil is the world's No. 2 soy producer after the US.