The Brazilian Association of Vegetable Oil Industries (ABIOVE) has updated the monthly statistics for the Brazilian soybean complex up to June 2024.
According to the latest data, the projections for the current cycle have undergone minimal changes. The expected soybean grain production remains at 153.2 million tons, with crushing estimates holding steady at 54.5 million tons. Soybean meal production is still projected at 41.7 million tons, while soybean oil production remains at 11 million tons.
Domestic consumption of soybean oil saw a slight increase of 200,000 tons, rising from 9.7 million tons to the current 9.9 million tons.
Monthly Processing
The processing volume for June was 4.2 million tons, reflecting a decrease of 1.6% compared to May 2024 and a drop of 5.5% compared to June 2023, adjusted for a sample rate of 90.6%.
Foreign Trade
Export volumes are projected at 97.8 million tons of soybean grain, 1.15 million tons of soybean oil, and 21.8 million tons of soybean meal—an increase of 100,000 tons compared to the previous forecast. Revenue from soybean complex exports is estimated at $51.9 billion for 2024.
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