AGL 40.01 Increased By ▲ 0.01 (0.03%)
AIRLINK 132.00 Increased By ▲ 2.47 (1.91%)
BOP 6.84 Increased By ▲ 0.16 (2.4%)
CNERGY 4.55 Decreased By ▼ -0.08 (-1.73%)
DCL 8.80 Decreased By ▼ -0.14 (-1.57%)
DFML 42.60 Increased By ▲ 0.91 (2.18%)
DGKC 84.46 Increased By ▲ 0.69 (0.82%)
FCCL 32.95 Increased By ▲ 0.18 (0.55%)
FFBL 77.51 Increased By ▲ 2.04 (2.7%)
FFL 12.07 Increased By ▲ 0.60 (5.23%)
HUBC 110.25 Decreased By ▼ -0.30 (-0.27%)
HUMNL 14.42 Decreased By ▼ -0.14 (-0.96%)
KEL 5.59 Increased By ▲ 0.20 (3.71%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.60 Decreased By ▼ -0.19 (-0.48%)
NBP 63.50 Increased By ▲ 3.21 (5.32%)
OGDC 199.00 Decreased By ▼ -0.66 (-0.33%)
PAEL 26.38 Decreased By ▼ -0.27 (-1.01%)
PIBTL 7.63 Decreased By ▼ -0.03 (-0.39%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.15 Decreased By ▼ -0.58 (-2.17%)
PTC 18.42 Decreased By ▼ -0.04 (-0.22%)
SEARL 81.50 Decreased By ▼ -0.94 (-1.14%)
TELE 8.10 Decreased By ▼ -0.21 (-2.53%)
TOMCL 34.33 Decreased By ▼ -0.18 (-0.52%)
TPLP 8.93 Decreased By ▼ -0.13 (-1.43%)
TREET 16.89 Decreased By ▼ -0.58 (-3.32%)
TRG 59.32 Decreased By ▼ -2.00 (-3.26%)
UNITY 27.68 Increased By ▲ 0.25 (0.91%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,602 Increased By 195.1 (1.87%)
BR30 31,820 Increased By 106.2 (0.33%)
KSE100 98,861 Increased By 1532.7 (1.57%)
KSE30 30,804 Increased By 612 (2.03%)

Brazil's government on Tuesday raised by 2 million tonnes its projection for soyabean exports in the 2017/18 crop to 76 million tonnes amid strong Chinese demand, reducing the crop's end-stocks to the lowest on record. Agricultural statistics agency Conab raised by 300,000 tonnes its projection for the country's 2017/18 soyabean crop from August to 119.3 million tonnes, the second-highest output ever, but even with that increase soya end-stocks fell to 434,000 tonnes from 638,000 tonnes last month.
The report was another indication that Brazil would likely run out of soyabeans before the new crop starts to reach warehouses around January, which could force Chinese soya processors to buy from the United States despite the 25 percent additional import tariff imposed by China in its trade spat with the Trump administration. Conab said in its report that Brazil is likely to continue to send soyabeans to China until there is nothing left, due to the weak currency and high port premiums.
The agency said that even Brazil's soya processing industry is suffering due to the trend, unable to increase processing volumes despite high international prices for soyaoil and soyameal. It hinted at possible soya imports. "There is a remote chance that Brazil will need to import soyabeans to supply the local industry," said the government agency in the monthly grain crop report.
Conab cut its projection for corn exports in the 2017/18 crop to 25.5 million tonnes from the 27 million tonnes seen in August, reflecting a smaller harvest and strong local demand. It estimated cotton lint production at 2 million tonnes versus 1.97 million tonnes previously. The agency also raised its estimate for this year's wheat crop to 5.24 million tonnes from 5.14 million tonnes projected last month.

Copyright Reuters, 2018

Comments

Comments are closed.