Brazil’s Abiove raises soy, soymeal export views

Abiove, a Brazil-based oilseed crushing and trader group, on Wednesday, April 12, raised its soybean export forecast for the country by 1.4 million tonnes to 93.7 million tonnes, citing strong demand from China and other Asian customers and a shift in demand to Brazil from Argentina.

This also represents a jump compared to the 2022 total (78.7 million), a year marked by the effects of the drought in Brazil.

See below Brazil’s soybean and soymeal exports from Jan 2019 and Feb 2023, according to DataLiner.

Brazilian soy exports |Jan 2019 – Feb 2023 | WTMT

Source: DataLiner (click here to request a demo)

According to Daniel Amaral, the chief economist at Abiove, the forecast for soybean meal exports also experienced a slight increase, from 20.7 million to 21 million tonnes, “mainly due to the lower availability of the product in Argentina.” As a result, soybean meal exports will increase this year by almost 700 thousand tons compared to 2022.

This year, the harvest in Argentina, traditionally the largest global exporter of soy meal and oil, was severely affected by drought. In Brazil, the crop should total a record 153.6 million tonnes. The total forecast by Abiove a month ago was left unchanged and is still marking progress compared to the 129.9 million tons in 2022.

The record soybean crushing projection of 52.5 million tonnes in 2023—an increase of 1.6 million tons from 2022—remains in place as of this Wednesday.

Source: Money Times

To read the original news report, check: https://www.moneytimes.com.br/abiove-eleva-previsao-de-exportacao-de-soja-e-farelo-do-brasil/

Sharing is caring!