The Brazilian Association of Vegetable Oil Industries (ABIOVE) released the update of monthly statistics for the Brazilian vegetable oil complex. soy until July 2024, presenting important adjustments in the production, processing and export of the sector.
Drop in soybean grain production
According to the new projection, there was a slight reduction of 200 thousand tons in soybean grain production compared to the previous estimate. This adjustment is due to the reassessment of productivity, based on analyses by the Association's members. ABIOVE now estimates soybean grain production at 153 million tons and projects a crushing of 54.5 million tons. The entity maintains the estimate for soybean meal production at 41.7 million tons and soybean oil at 11 million tons.
Soybean processing in July 2024 reached 4.3 million tons, representing an increase of 2.5% compared to June of the same year. However, there was a decrease of 5% compared to the volume processed in July 2023, after the sample adjustment of 90.6%. In the accumulated period of 2024, the sector registered a slight decrease of 0.5% compared to the same period of 2023, also considering the sample percentage adjustment.
Exports and foreign trade
ABIOVE therefore maintained the export volumes of soybeans unchanged, estimated at 97.8 million tons, and soybean oil, at 1.15 million tons. However, the only significant change occurred in soybean meal, whose exports increased to 22 million tons, an increase of 200 thousand tons compared to the previous survey.
Revenues from exports of products from the Brazilian soy complex are therefore projected at US$1.4T 52.1 billion for 2024.
ABIOVE revised its projection for soybean imports, increasing from 800,000 tons to 930,000 tons. This increase reflects the need for supplementation of the domestic market, due to the greater demand for crushing and exports.
Source: Abiove | Notícias Agrícolas
