National Supply Company estimates shipments of 98.45 million tonnes of grain
01/15/2024
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The amount of biodiesel in diesel grew to 14% from 12% — Foto: Divulgação
The drop in Brazil’s soybean production estimate, announced on Wednesday by the National Supply Company (Conab), due to climatic problems in the main producing states, is also expected to lead to lower exports of the oilseed this year.
In addition, the National Energy Policy Council (CNPE) approved the increase in the amount of biodiesel in diesel, to 14% from 12%, which indicates that there will be an increase in domestic demand for soybean oil.
As a result, Conab reduced its export estimate by 3.13 million tonnes, to 98.45 million tonnes of grains.
The number of soybeans crushed was adjusted by 119,000 tonnes to 53.4 million tonnes, due to the increase in the proportion of biodiesel added to diesel.
Conab therefore expects ending stocks in 2023/24 to be 3.58 million tonnes, compared to 3.4 million tonnes at the end of 2022/23.
Stocks of soy meal are expected to total 3.27 million tonnes, compared to 1.6 million tonnes in the previous season, and oil stocks are expected to fall to 300,000 tonnes from 310,000 tonnes.
*Por Fernanda Pressinott — São Paulo
Source: Valor International