The Brazilian Association of Vegetable Oil Industries (ABIOVE) has released its monthly statistics for the Brazilian soybean complex up to March 2024. According to the latest data, the entity's projections for the current cycle have seen few changes. It is expected that soybean production will reach 153.9 million tons (+100,000 tons compared to the previous estimate), with a crushing of 54.5 million tons. Soybean meal production remains estimated at 41.7 million tons and oil production at 11 million tons.
Monthly Processing
March processing reached 4.34 million tons, a 19% increase compared to February 2024, and a 3.6% decrease compared to March 2023 when adjusted by the 89.8% sample percentage.
Foreign Trade
Export volumes remain virtually unchanged: 97.8 million tons of soybeans and 21.6 million tons of soybean meal. Only the projection for soybean oil sales to the international market showed a slight decline of 50,000 tons, totaling 1.1 million tons in the current balance against 1.15 million from the previous report. This is due to increased demand for the product in the domestic market.
Overall, these exports from the Brazilian soybean complex are expected to generate revenue of US$ 56.6 billion this year.
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