In Brazil, Canal Rural reported that the Brazilian Association of Vegetable Oil Industries (Abiove) released its projections for this year’s soybean complex, maintaining the sector’s record outlook, with positive monthly performance.
In May, soybean processing reached 4.87 million tons, up 2.1% over April and 13.6% compared to 2024. Year-to-date, the volume reached 21.33 million tons, up 5.9% compared to the same period last year, according to the report.
“We’re experiencing a positive year for soybean processing, with record growth expected. This performance is in line with the scenario of an increase in the mandatory biodiesel blend, which will incorporate B14 and B15 in 2024,” said Daniel Furlan Amaral, Director of Economics and Regulatory Affairs at Abiove.
The report also highlighted that Brazil is expected to export 109 million tons of soybeans this year, an increase of 0.9% year-on-year.
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Category: Food & Agriculture
