China imports less and Brazil reduces exports of soybeans in 2014

23 April 2014

Brazil in 2014 is expected to export less soy than previously estimated due to lower demand from China, the Brazilian Association of Vegetable Oil Industries (Abiove) said.

“This somewhat reflects the opinion of (member) companies about what is being shipped and the deals that are being made,” the association’s secretary-general, Fábio Trigueirinho, told financial news agency Reuters.

If Abiove’s current projection is confirmed, Brazil will still export a record amount of soy this year, following exports of 42.8 million tons in 2013.

However, sales revenues from soybean exports are expected to fall to US$20.2 billion after a record of US$22.81 billion reflecting a downturn in international prices over the last few months.

In relation to the soy harvest in the current campaign, which has practically ended, Abiove has kept its projection announced in March unchanged at 86.1 million tons. (macauhub/BR/CN)