The Brazilian Association of Vegetable Oil Industries (Abiove) raised its forecasts for Brazil’s soybean production in 2019/20 from 125.8 million to 126.4 million tons, whereas the oilseed harvest forecast in 2020/21 rose from 131.7 million to 132.6 million tons. For export this year, Abiove has started to forecast foreign sales of 82 million tons, in comparison to the projection of 81 million tons up until last month. For 2021, the estimates increased from 82 million to 83.5 million tons. The volume will break the record of 83.2 million tons in 2018 if expectations are confirmed. “The growing demand for soy has resulted in an annual growth, promoting industrialization of soy and adding value to the products”, said the chief economist at Abiove, Daniel Furlan Amaral. “In 2021, this scenario will be no different, the oilseed industry will remain firm to meet the demand from the resumption of domestic consumption of bran, oil and also biodiesel.”
Source: Revista Dinheiro Rural
*Translated by Ia Niani