Soybean processing down 1.7% YoY in October

Soy processing by companies represented by ABIOVE (the Brazilian association of vegetable oil industries) reached 3.4 million tons in October, according to the organization.

The volume represents around 84.5% of the total crush, calculated at around 4 million tons, down 1.7% compared to the same month in 2020. Compared to August and September this year, the volume grew.

There was also a drop of 1.7% in the first 11 months of the year compared to the same period in 2020, to 33.4 million tons, taking into account only ABIOVE’s associates. This retraction especially reflects the reduction in the percentage of the biodiesel mixture in diesel, to 10%. In the country, most biodiesel is made from soy.

Exports
Also according to the organization, official statistics from the Ministry of Economy pointed to a growth of almost 40% in soy oil exports between January and November 2021 compared to the same period last year, to more than 1.5 million tons.

See below a comparison of Brazilian soy oil exports over the past three years. Data are from DataLiner:

Brazilian Soybean Oil Exports (HS 1507) | Jan to Oct 2019-2021 | WTMT

Source: DataLiner (click here to request a demo)

By November, YTD soybean exports already set a new record, at 83.4 million tons exported; by the end of the year, the volume could surpass 86 million tons.

Source: Valor Econômico

To read the full original article, access the link: https://valor.globo.com/agronegocios/noticia/2021/12/09/processamento-de-soja-caiu-em-outubro-no-pais-ante-o- same-month-of-2020-say-abiove.ghtml

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