Abiove cut its estimate for Brazilian soybean exports in 2019 to 68.1 million tonnes from the 70.1 million tonnes projected in March, saying the African swine fever outbreak in China will reduce demand from its largest client.
As a result, the soybean end-stocks estimate was raised to 5.63 million tonnes from 2.95 million tonnes previously.
"The outbreak is impacting negatively China's meat production, and has other effects in the global food chain," said Abiove, which raised its forecast for soyoil exports by 40 percent to 700,000 tonnes, citing expectations for higher Chinese demand for edible oils as the country cuts oilseeds processing.
The group expects Brazilian crushers to process 43.2 million tonnes of soybeans this year, 356,000 tonnes less than they did last year. See details of the report in the table below.