The Brazilian Association of Vegetable Oil Industries (ABIOVE) released on Thursday (20) new forecast for soybean in 2021. The expectation is that soybean output will reach 137.5 million tons, a historic record, up 7.4% from 2020. About 4.5% of the growth results from productivity gains, and the remainder consists of the planting area. Despite production growth, ABIOVE estimates soybean crushing at 46.8 million tons, below 200 thousand tons from the previous estimate. Such forecast comes after the government cut the official biodiesel mixture into fossil diesel oil to 10% (B10) during the L79 and L80 biodiesel auctions. Given the prospects, Brazilian soybean grain exports are expected to reach a record high of 85.6 million tons. From January to April, the exported volume has already grown by 49% over the same period of 2020.
Sources: Abiove/Noticias Agricolas (*Translated by Ia Niani)