Abiove: Brazil soy industry revenue tops 2021 results

According to a report released on September 14 by the Brazilian Association of Vegetable Oil Industries (Abiove), the revenue generated by Brazilian exports of soybeans, soy meal, and soy oil totaled US$48.8 billion from January to August, outperforming the results obtained in the entire year of 2021. This phenomenon is explained by higher product prices and increasing volumes of bran and oil exported.

In 2021, exports of soy complex products (beans, bran, and oil) from Brazil totaled about 48 billion dollars.

In 2022, Brazil’s leading exporting industry is expected to increase its revenue by 10 billion dollars over last year to an all-time high of nearly 58 billion dollars, according to Abiove’s forecast.

See below the track record of the volume of soybeans (HS 1201) exported by Brazil from January 2021 to July 2022. The data is from DataLiner.

Brazilian exports of soybeans | Jan 2021 – Jul 2022 | WTMT

Source: DataLiner (click here to request a demo)

The surge in soy, bran, and oil prices has more than offset the decrease in grain export volume, which was caused by a shortfall in the Brazilian harvest as well as weaker demand from China, the world’s largest importer of the oilseed.

International prices soared as a result of crop failure in Brazil, the world’s largest producer and exporter of soybeans, as well as other factors such as restrictions on palm oil shipments from Indonesia and sunflower oil shipments from Ukraine.

The average price of soybean oil exported by Brazil this year was assessed at US$1,600/ton, compared to US$1,222/ton in 2021, while grain and bran values are also likely to rise this year.

Reviewed projections

After reassessing the most recent Brazilian soybean harvest figures, the industry association Abiove slightly raised its projections for exports and soybean processing in Brazil on the 14th.

The harvest in Brazil, which ended a few months ago, was estimated at 126.9 million tonnes, just 300,000 tonnes above the August forecast.

Still, it will fall short of last season’s record 138.8 million tonnes.

Brazilian soybean exports are also on track to be 200,000 tonnes higher than anticipated last month, at 77 million tonnes, compared to a historic 86.1 million in 2021, when a large harvest allowed for more shipments.

On the other hand, after good processing margins earlier this year, the industry will process a record 48.9 million tonnes, 0.6% above the August forecast, versus 47.78 million in 2021.

The most recent increase in processing was due to the higher demand for soybean meal abroad, which is expected to total 18.7 million tonnes this year – a 1.5 million-tonne increase year on year. In turn, oil shipments abroad were maintained at 2.15 million tonnes, the highest level since 2008, due to purchases from India.

Between January and August of this year, exports of soybeans in Brazil reached 66.6 million tonnes (-8.3%), while exports of bran grew by 21.7% in volume YoY to 14 .1 million tonnes.

Soybean oil increased by 62.7%, reaching 1.7 million tonnes.

Source: Money Times

To read the full original article, please go to: https://www.moneytimes.com.br/receita-da-industria-de-soja-do-brasil-com-exportacoes-ja-supera-2021-diz-abiove/

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