Brazil is expected to export 68 million tonnes of soyabeans in 2018, 3 million tonnes more than a December projection, as a larger crop boosts shipments abroad, soya industry group Abiove said on Thursday. Abiove also raised its view for Brazil's 2017/18 soyabean production to 114.7 million tonnes, above last season's record seen by the group at 113.8 million tonnes and well above its latest projection for the current season of 109.5 million tonnes released in December.
The record production, in a year when Argentina is suffering with a harsh drought that is reducing its soya crop, is expected to consolidate Brazil's position as the world's largest soyabean exporter. But despite the problems in Argentina, which will impact the country's position as a large global exporter of soya byproducts such as soyameal and soyaoil, Abiove did not raised its projections for soya processing in Brazil. The body, which represents local units of all the big soya crushers such as ADM, Bunge, Cargill, Cofco and Louis Dreyfus, did not as well increased estimates for soyameal and soyaoil production and exports, indicating that other global suppliers are likely to fill the gap left by Argentina.
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