Brazil could export the record volume of 70.4 million tonnes of soybeans in 2018. The basis for this is a record-breaking crop. The South American country is profiteer of a trade dispute between the superpowers China and USA.
The Brazilian oil mill association Abiove raised its estimate for exports by 2.4 million tonnes over its March estimate. Brazil exported 68.1 million tons in 2017, compared with just 24 million tons ten years ago.
Abiove also raised its crop estimate and now expects 117.4 million tonnes. That's 2.4% more still expected in March.
Oilseed processing in Brazil is expected to reach 43.2 million tonnes this year, according to expert estimates. The export of soybean meal increases by 600,000 tons. Meanwhile, Argentina suffered the worst dryness in 30 years and lost much of its earnings.
With higher exports and higher processing, experts expect a smaller final stock of 6.06 million tonnes. That's 300,000 tons less than expected in March.
Text: HANSA Derivatives Trading GmbH / Quelle. Reuters
