At a time of soy shortage, Brazilian industry should count on imports of soy oil, which increased more than 500% in October, even before the government authorizes the use of the imported raw material for biofuel production. The authorization was published in November 18, in order to keep soy oil imports steady, because the sector needs the product to participate in the December public bid, which will offer biodiesel for the first two months of 2021, said Ubrabio, the association of Brazilian biodiesel producers. When the Brazilian soybean crop begins to be harvested in January, the expectation is that imports will decline, since domestic supply is expected to increase. Soybean oil account for about 70% of the raw material for biodiesel, and Brazilian imports had already increased to 67.3 thousand tons in October, compared to 10.6 thousand tons in the same period last year.
Sources: Reuters / Notícias Agrícolas
*Translated by Ia Niani