In January, Brazilian soybean mills purchased only 1.69 million tons of soy. In nine years, this is the lowest volume for January. Altogether, about 2.17 million tons of soy have been processed in the period, which represents the lowest number in seven years. The data are from Abiove (Brazilian Association of Vegetable Oil Industries) and represent 85% of soybean market interests. The companies that hold 15% of the sector’s movements have not provided any information. Despite a slow beginning to the year, the soy sector can achieve an unprecedented feat. High prices and a greater harvest will make a record with US$ 45 billion in foreign currency for exports to the country. In addition, about 84 million tons of soybeans alone will bring in US$ 37 billion, together with bran and oil supplement incomes from foreign sales. This year’s consumption of soybean oil will reach 9.2 million tons. Of this volume, 5.7 million will be used to mix biodiesel with diesel, up 13%.
Source: Folha SP (*Translated by Ia Niani)