The record soyabean crop being harvested in Brazil will generate a huge rise in Brazilian soyabean exports in 2017, Hamburg-based oilseeds analysts Oil World said on Tuesday. Oil World estimates Brazil will harvest 108.5 million tonnes of soyabeans in early 2017, up from 95.43 million in early 2016.
"We estimate Brazilian soyabean exports will be boosted to a new high of 61.4 million tonnes in calendar year 2017, up 9.8 million tonnes from last year," Oil World said. "The increase in exports could be even higher, considering that the Brazilian soyabean crop will rise by at least 13 million tonnes." Oil World's export forecast is above the 59.8 million tonnes predicted by Brazilian vegetable oil industry association Abiove on March 20.
Chicago soyabeans fell to their lowest levels in more than five months on Monday, pressured by a bumper South American harvest and expectations that US farmers will boost plantings of the oilseed. "US soyabean exports will decline from a year earlier during the remainder of the season because of the prospective steep increase in Brazilian supplies," Oil World said.
Soyabean harvests in the main South American producers Brazil, Argentina, Paraguay, Bolivia and Uruguay are forecast by Oil World to rise to 180.2 million tonnes in early 2017 from 165.3 million tonnes last year. South American soyabean exports will accelerate from March onwards, it said.