Rising biodiesel production may cut Brazil's 2011 soyaoil exports and Argentina's soyaoil shipments will also be lower than potential, Hamburg-based oilseeds analysts Oil World said on Tuesday. Brazil, the world's No 2 soyaoil exporter, may sell only 1.50 million tonnes of soyaoil overseas in the 2011 calendar year, down from 1.56 million tonnes in 2010, Oil World forecasts.
This is despite an estimated rise in Brazil's 2011 soyaoil production to 7.13 million tonnes from 6.93 million tonnes in 2010 as the country is on course for a record soybean crop, Oil World said. Brazil's 2011 biodiesel output is also expected to rise to 2.40 million tonnes from 2.11 million tonnes in 2010 and only 1.41 million tonnes in 2009, Oil World forecast.
Soyaoil is heavily used as a biodiesel feedstock in Brazil. The picture is similar in Argentina, the No 1 global soyaoil exporter, where 2011 biodiesel output is also forecast by Oil World to rise to 2.3 million tonnes from 1.81 million tonnes last year. But Argentina's 2011 soyaoil exports are still forecast to rise to 5.20 million tonnes from 4.94 million tonnes last year, it added.
Comments
Comments are closed for this article.