South America Calling
Alastair Stewart South America Correspondent

Friday 08/02/13

Brazil's Industry Raises Soy Export View

Brazil's Soybean Crushers Association (ABIOVE) this week raised their bean export forecast for the 2013-14 season (Feb-Jan) by 500,000 metric tons (mt) amid mid-season shipments.

The world's No. 2 soy producer will ship 39.5 million metric tons (mmt) this season, up from 31.9 mmt last year from a much smaller crop, said the association.

Brazil has already shipped approximately 80% of its forecast 2013-14 shipments by the end of July.

Volumes decreased in July to 5.66 mmt from 6.50 mmt in June. Shipments would normally fall off dramatically in August, but with 7.5 mmt still to ship by the end of the year, lineups remain full of soy.

Abiove pegs this year's soy production at 81.6 mmt, up sharply from 67.9 mmt the year before.

Soybean processing is seen at 36.7 mmt, down 500,000 mt from last month's forecast and now only slightly higher than the 36.2 mmt crushed from the previous smaller crop.

The sharp increase in soybean shipments will drive Brazilian soy complex export revenues 8% higher to $28.3 billion in 2013-14.

Posted at 2:53PM CDT 08/02/13 by Alastair Stewart
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