Brazil soy crop to hit 114.7m mt, meal and oil unchanged: ABIOVE

Brazil’s Association of Vegetable Oil Industries (ABIOVE) has revised upwards its estimates of the nation’s soybean crops to 114.7 million mt, up from its previous estimate of 109.5 million mt and from the 2017 record crop of 114.2 million mt.

Exports are expected to reach 68 million mt, up from its December estimate of 66 million mt and largely in line with the 67.8 million mt that was sold internationally the year before.

Crush levels are expected to reach 43 million mt, up 2 million mt on the year with final stocks at 700,000 mt higher at 6.3 million mt.

Analysts are split on whether Brazil’s 2017/2018 harvest will beat the year before, although most expect the final figure to reach above 112 million mt.

In terms of soymeal, production is estimated at 32,700 mt and soyoil at 8,500 mt, up slightly on the year to reflect a higher crushing rate.