2011 Annual Oilseeds Report

An Expert's View about Cereals, Leguminous Crops, Oil Seeds in Brazil

Last updated: 7 Apr 2011

Excellent yields have resulted from low soybean rust prevalence coupled with good weather conditions in main producing areas under a mild La Nina weather scenario.

THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 4/4/2011 GAIN Report Number: BR0707 Brazil Oilseeds and Products Annual 2011 Annual Oilseeds Report Approved By: Alan D. Hrapsky, Agricultural Counselor Prepared By: Jeff Zimmerman, Agricultural Attaché Report Highlights: Post estimates record soybean production in 2010/11 at 71.5 million metric tons (mmt) on 24.2 million hectares and record exports at 32.5 mmt. Excellent yields have resulted from low soybean rust prevalence coupled with good weather conditions in main producing areas under a mild La Nina weather scenario. Producers increased use of certified seed, genetically engineered seed, fertilizer, and other inputs. In many cases, producers? net profits are double those of 2009/10. Post forecasts 2011/12 planted area at 24.8 million, a year-on-year increase of 2.5 percent, and production at 71.5 mmt. Soybeans maintain a lower relative production cost and greater liquidity compared to alternative crops. Exports in 2011/12 are expected to remain strong and are forecast at 32 mmt. Domestic demand for soybean oil is projected to increase 150,000 mt per year based on Brazil?s current 5 percent biodiesel blend mandate. 2010/11 Record Soybean Production Post raised 2010/11 estimated soybean production to 71.5 mmt based on national average 2.95 metric tons per hectare (mt/ha) yields and an increased planted area of 24.2 million hectares. Post?s estimated production is in line with the 71.5 mmt estimated in March by the private crop consultancy Safras e Mercado. On March 31, the private consultancy group Agroconsult estimated production to reach 72.7 mmt base on a recent crop surveying trip. In their March survey, the Brazilian Ministry of Agriculture Food Supply Company (CONAB) estimated production at 70.3 mmt on 24 million hectares. Excellent yields have resulted from low soybean rust prevalence coupled with good weather conditions in main producing areas under a mild La Nina weather scenario. Record average yields have been reported in areas across southern and northern producing regions of Brazil. Producers increased use of certified seed, genetically engineered seed, fertilizer, and other inputs and have received double or more in net profits compared to 2009/10. The consolidated 2010/11 soybean harvest has advanced slower than anticipated due to scattered wet harvest conditions throughout Brazil with 70 percent now harvested. Prolonged high humidity has also affected seed quality in isolated regions and limited areas of the state of Mato Grosso do Sul experienced significant yield losses due to mid-harvest flooding conditions. Across the center west there are isolated incidents of beans sprouting in the pod and humidity at harvest reaching 20 percent, well above the ideal 13-14 percent, with discounts applied upon delivery. End of season incessant rains and high humidity levels limited the effectiveness of agrochemical treatments and increased the prevalence of plant diseases, white mold in particular. Hence, potential record yields and quality have not been achieved across some areas of the center-west region. Outlook 2011/2012: Expansion in Soybean Planted Area Forecast Post forecasts 2011/12 soybean planted area to reach 24.8 million hectares, a 2.5 percent increase in planted area over 2010/11. Production in 2011/12 is estimated at 71.5 mmt based on an average trend yield increase to 2.88 mt/ha. Technology improvements in seed and equipment have steadily increased national yields. Soybeans remain a favored crop due to relative ease of management, production costs, and liquidity. This year?s increased cash farm receipts coupled with elevated futures prices are expected to drive further 2011/12 area expansion of soybeans across producing regions in Brazil. An estimated reduction in 2011/12 U.S. soybean planted area provides further positive fundamental futures prices support. Expansion is further supported by low world carry-over stocks and demand. Demand from China continues to increase and Brazil supplies 35 percent of China?s soybean needs. Chinese foreign direct investment projects in Brazil?s soybean sector totaling over $6 billion were recently announced. These projects include a crushing plant, fertilizer plant and dry port in western Bahia and investments in technology, machinery, and infrastructure aimed to double production in the state of Goias within seven years. The southern region of Brazil is expected to increase soybean area planted in 2011/12, mainly through substitution. Soybeans may cede some area to corn as part of crop rotation patterns and dependent on relative corn to soybean futures prices. However, this is expected to be more than offset with an increase in acreage substitution from rice to soybeans coupled with the approximately 150,000 hectares to be planted in southern Rio Grande do Sul, not planted in 2010/11 due to La Nina induced drought conditions. The price of new cropland suitable for soybean production in Rio Grande do Sul has seen an average increase of 60 percent over three years, compared to the national average appreciation of 25 percent. In the center-west, a large increase in soybean planted area is expected in 2011/12, mainly from converting pasture to cropland. Land-leasing has been the predominant approach to expand production areas; however, some land purchasing has also been occurring. The center-west is expected to increase soybean acreage and favor early-maturing soybean varieties, assuming a mid-September arrival of rains. However, wet end-of-season conditions affected early-maturing soybean seed production in Mato Grosso and a potential seed shortage in these varieties exists for 2011/12. Hence, a shift back to greater first crop soybean acreage in those areas that compete with first-crop cotton is not anticipated. The competitive potential returns on cotton vis-à-vis soybeans further contribute to this expectation. Mato Grosso is expected to convert 300,000-400,000 hectares of pasture to soybean production next year. Recent studies by the Mato Grosso Institute of Agricultural Economics (IMEA) determined 36 percent, or 9.2 million hectares, of Mato Grosso?s current 22.7 million hectares of pasture are suitable to convert into row-crop production. Approximately 5 million hectares of this available pasture land is considered flat and suitable for large-scale production with the majority located in northeast Mato Grosso, whereas the remaining 4 million hectares are inclined and suitable only for smaller-scale production systems. According to IMEA, the estimated cost is $420/acre to convert pastureland to cropland which includes field operation, soil Ph correction, and planting. Sources indicate a common land-lease contract in the expanding Northeast region of Mato Grosso has involved deferred lease payment for two years followed by increasing payments based either on the value of a sack (60 kg) of soybeans, or made in-kind (i.e. years 3-4 of contract 2-4 sacks per hectare and years 5-6 of contract 6-8 sacks per hectare). However, amidst high commodity prices, long term land lease costs for pastureland to convert to cropland have been rising dramatically with reports of 14-16 sacks per hectare (~$155/acre) per year or double last year?s average range of 7-9 sacks per hectare per year. Land owners assume the risk in future commodity price oscillation as reference prices are generally not pre-established in contracts. Land prices average from 70-150 sacks per hectare (~$750-1550/acre) or more for pasture to be converted to crop land. Existing cropland commands a much higher price averaging from 250-350 sacks per hectare (~$2550-3550/acre) or more depending on location and infrastructure. The North and Northeast ?Mapitoba? region (adjoining region of the states of Maranhao, Piaui, Tocantins, and Bahia) is experiencing the most aggressive expansion. Piaui, in particular, is considered the new frontier for large-scale soybean production with an estimated 1 million hectares of land still available to convert into crop land. Piaui possesses higher risks associated with production agriculture due to irregular precipitation patterns. However, producers indicate the annual rainfall between 1,000- 1,200 millimeters is sufficient and soybeans can tolerate up to 20-25 days of no rain given Piaui?s better water retaining soils of 2-4 percent organic matter, compared to an average 1 percent in the center-west. Land prices in Piaui range from 60-80 sacks per hectare (~$650-850/acre) or more for pasture to be converted to cropland. Land lease prices in Piaui range from 6-8 sacks per hectare (~$95/acre) per year. The western region of the state of Bahia is estimated to have an additional 1 million hectares of land available to be converted to crop land pending environmental and regulatory approval. It is estimated up to 600,000 hectares of this area possess good precipitation patterns with the remaining experiencing less regular precipitation patterns. Formerly negotiated land lease prices in western Bahia have ranged between 8-10 sacks per hectare ($110/acre) per year; however, potential returns on cotton have increased these prices to 14-16 sacks per hectare (~$165/acre). Brazil?s average yields have been on par with U.S. average yields over the past three years and continue to improve with rapid adoption of the latest production and machine technology and better soil management techniques. States with shorter rainfall seasons utilize large-scale crop rotation schemes in order to maximize profits while seeking to retain soil moisture levels. Integrated crop and pasture production as well as integrated forest, crop, and pasture production are deemed sustainable production practices. Producers are slowly adopting these practices and receive risk management benefits through the diversified revenue streams they offer. Brazil?s tropical climate continues to demand improved pest and disease management as producers strive to increase productivity while facing higher costs. Lack of crop rotation practices in the North and Northeast regions has amplified disease and pest occurrences such as, nematode, white fly and caterpillar. This year?s high soybean prices led to an increase in soy-on-soy first and second crop plantings in Mato Grosso, Sao Paulo, and Parana. These states, among others, have longer growing seasons that allow for first and second crops even while enforcing a ?vazio sanitario? ? a 60- to 90-day period in which planting is prohibited to control soybean rust. Agronomists discourage this practice and recommend a second crop rotation to corn or cotton to help mitigate the prevalence of pests and disease. Soybean rust appears manageable in Brazil, having less affect on yields, but requiring significant investments in agrochemical applications. Brazil continues to be deficit in fertilizer production. Studies show that Brazil?s dependence on imports reaches 65, 50, and 90 percent for nitrogen, phosphorus, and potassium, respectively. More than sufficient phosphorus deposits to satisfy Brazil?s demand have been discovered in the center-west; however, mining approvals and environmental assessments are still pending. According to the National Fertilizer Association (ANDA), fertilizer deliveries totaled 24.5 mmt in 2010, up 9.5 percent from 2009. Total annual imports of fertilizer in 2010 reached 15.3 mmt, up nearly 40 percent from 2009. National production was also up 11.5 percent to 9.3 mmt. For 2011/12 fertilizer usage is expected to increase despite price increases due to significant forward purchases of fertilizers by flush farmers. The biotechnology adoption rate for genetically engineered soybeans reached nearly 80 percent in 2010/11. Further adoption may be slower given internal and external market demand to produce niche non-biotech derived products. The development of region-specific biotechnology soybean varieties is advancing with double-stacked Round-up Ready and rust tolerant varieties to be available this next 2011/12 season. For the 2012/13 season plant breeders expect to launch varieties based on ?Intacta RR2 Pro? and a stacked rust tolerant and cyst nematode resistant variety. In addition, the first herbicide resistant variety solely developed in Brazil through BASF and Embrapa is expected to reach the market in 2012 and will offer producers an alternative to Round-up Ready varieties. Logistics Continue to Reduce Profitability The majority of soybeans are still transported to market and/or export via roadway, with slow progress being made in multimodal transport systems. High transportation costs continue to significantly affect producers? profitability with planned infrastructure improvements lagging growth in production. A recent study by the Soybean Producers Association in Mato Grosso (Aprosoja) claimed soybeans produced in Mato Grosso to be the lowest cost at farm-gate in the world and that transportation costs erode away this comparative advantage. The record 2010/11 harvest has faced freight rates increases that account on average for 35 percent of the value of soybeans in the center-west region. Limited progress is being made on transportation projects aimed to shift a portion of soybean exports from southern ports to the northern ports of Brazil. Currently, approximately 85 percent of soybeans destined for export leave through Brazil?s southern ports. Post travel to Mato Grosso revealed some newly asphalted main artery roads under public-private partnerships whereby producers contributions were weighted according to proximity to the roadway. The interstate highway BR-163 is scheduled to be completed by December 2011 or early 2012 and will link the center-west to the Port of Santarem. The West-East railroad project will commence construction this year and extend 1,500 km from Figueiropolis, Tocantins to the port of Ilheus, Bahia. The stage extending from the port to western Bahia?s production area is estimated to be completed in 2013. A waterway project is underway that that will allow for soybean exports of grain to travel northward along the Araguia and Tocantins river system to the port of Vila do Conde in the state of Para. A system of locks around the hydroelectric dam of Tucurui, Para is completed and the river navigation system is under development. The North- South Railway portion operated by Vale mining company is completed and extends from Porto Nacional, Tocantins to the Port of Itaqui, Sao Luis, MA. The slow progress being made to shift more soybeans destined for export to the northern arc of ports has not been accompanied by a matched expansion of port capacities, all operating at or near capacity limits. More cost-effective railroad and waterway systems are still projected to take 10-15 years. PRICES Strong domestic prices during harvest have led to committed sales of the 2010/11 crop at 65 percent, 20 percentage points higher than the five year average at this time at mid-harvest. Although domestic prices have fallen slightly during the month of March, profit margins have remain very favorable compared to last year?s. at harvest time. On March 31, domestic prices pointed up based on USDA?s projected decrease in 2011 soybean planted acreage for the United States. However, the strengthening of the Brazilian Real vis-à-vis the U.S. Dollar has limited additional sales commitments in the past few days with the exchange rate reaching a two-year low of R$1.62 to US$1.00. Low world carryover stocks continue to support domestic prices as well as increasing domestic demand for soybean oil. Soybean Prices Prices in R$ per 60 kg (discounted by the NPR rate) Year 2009 2010 % Change Jan 49.21 39.8 -24 Feb 47.56 35.73 -33 Mar 45.35 34.14 -33 Apr 47.95 34.49 -39 May 50.31 35.59 -41 Jun 49.89 36.16 -38 Jul 47.83 38.58 -24 Aug 48.2 41.32 -17 Sep 46.07 42.55 -8 Oct 44.47 42.88 -4 Nov 44.67 48.96 9 Dec 42.87 48.52 12 Source: CEPEA 2010/11 Basic Minimum Prices for Soy Region Unit Price (R$/unit) Price (US$/mt) Mato Grosso, Rondônia, Amazonas, Para and Acre 60 kg 22.23 227 Other Brazil 60 kg 21.84 223 Source: MAPA/SPA/DEAGRO Exchange rate: US$ 1 = R$ 1.63 (3/31/11) STOCKS Favorable prices at mid-harvest have resulted in underutilized capacity for the few producers that possess on-farm storage bins. The majority of storage is operated by cooperatives, associations, processors, or at port terminals. Record forecast exports and domestic crush are estimated to bring 2011/12 ending stocks to 1023 mmt. OILSEEDS CONSUMPTION Soybeans remain the primary oilseed produced in Brazil with 36,750 mmt or over 50 percent of forecast 2011/12 production destined for processing. Brazil maintains ample processing capacity estimated between 55-60 mmt per year and over 165,000 mt per day. Twenty-five percent of plants possess a processing capacity over 3,000 mt/day and nearly 50 percent of plants operate with 1,500-3,000 mt/day capacity. Consumption of soy-based drinks continues to rise in Brazil and experienced a respective volume and value increase of 57 and 60 percent from 2005 to 2010. The sector is expected to increase volume by 5 percent annually over the next 5 years. MEAL SECTION According to Brazil?s National Animal Feed Industry Syndicate (Sindiracoes), total feed demand in Brazil is expected to increase 4.2 percent in 2011, on top of a 5.3 percent increase in 2010. In 2010, corn accounted for 59 percent of total animal feed, while soybean meal accounted for 19.4 percent, up from 16.5 percent in 2009. Sindiracoes estimates soybean meal demand for 2011 to increase over 4 percent to 12.4 mmt compared to 11.2 mmt in 2010. Poultry feed rations utilize the highest ratio of soybean meal at 25 percent followed by swine, dairy cattle and feeder cattle at 16, 12, and 6 percent, respectively. Cottonseed meal utilized in dairy and beef cattle feed rations is estimated to increase 5 percent from 2010 to 2011. Cottonseed meal usage is forecast at over 1 mmt in 2011 across all feed sectors. OILS SECTION According to the Brazilian Association of Vegetable Oil Industries (ABIOVE), Brazil?s soybean processing, refining, and bottling capacity continues to grow. Total domestic soybean oil consumption in 2011/12 is estimated at 5.7 mmt with 2.2 mmt destined for the growing biodiesel industry. Capacity (tons/day) 2007 2008 2009 Processing Capacity 149,504 155,449 165,299 Refining Capacity 21,280 21,550 22,860 Bottling Capacity 15,715 15,635 16,169 Source: ABIOVE Biodiesel On January 1, 2010 the mandated blend requirement for biodiesel was increased to 5 percent (B5), three years ahead of initial scheduled targets under the National Program for the Production and Use of Biodiesel (PNPB), launched in 2004. The Brazilian Biodiesel Union has requested that the government adopt measures to increase the mandated blend requirement to 20 percent (B20) by the year 2020. Trade sources do not foresee any increases to the blend requirement until perhaps 2013 given the current tight domestic supply balance for soybean oil. It is estimated that in five years domestically produced palm oil will begin to substitute refined soybean oil used in the food industry and thus free up additional soybean oil for biodiesel. Significant investments in oil palm plantations in the north of Brazil have been occurring over the last few years. Brazil currently has 69 biodiesel refineries authorized to operate with more than 5 billion liters of combined annual production capacity. Production reached 2.4 billion liters in 2010 under the B5 blending mandate. The 2010 annual increase in production demanded an additional 150,000 mt of soybean oil over 2009. It is estimated that an additional 150,000 mt of soybean oil will be required per year to maintain production levels under the B5 blend requirement. Soybean oil accounts for 82 percent of feedstock followed by animal fats (14 percent) and cottonseed oil (2 percent), with the remaining including other crops such as castor bean and oil palm. POLICY The commitment known as the Soy Moratorium was extended until July 2011. Originally created in 2006 under market pressure from the European food industry, a moratorium on purchasing soybeans from any newly deforested areas in the Amazon ecosystem was declared by all major soybean traders including Cargill, Bunge, ADM, Dreyfus and the Maggi Group. The Vegetable Oil Industry Association (ABIOVE) and the National Grain Exporters Association (ANEC) both signed the moratorium. Since 2008, the Brazilian Ministry of Environment has been a signatory to the agreement. In 2010, the Bank of Brazil joined the agreement and made their financing available only to producers in compliance with the terms of the soy moratorium. In November 2010, Brazil?s Agriculture Research Corporation (Embrapa), Brazilian Association for Non-GE Producers (ABRANGE), and Mato Grosso Soybean Producer?s Association (Aprosoja) launched ?Free Soy? (?Soja Livre?) to pursue development of commercially competitive non-GE varieties to aid Brazil?s continuing role as the main supplier of European and Asian markets of these products. Brazil is the largest non-GE soybean producer and exporter in the world. Over the past several years, there has been a decrease in non-GE soybean seed offerings to Brazilian producers, a result of seed patent laws indirectly favoring investment in GE technologies where potential returns are better protected. Brazil remains a predominant GE soybean producer with the 2010/11 adoption rate near 80 percent. However, some soybean producers in the western portion of the center-west claim regional non-GE varieties possess higher potential productivity than GE varieties under similar production costs scenarios. In 2008, non-GE producers created ABRANGE to promote continued research and marketing for their products. ABRANGE seeks to make Brazil the first country to establish technical rules/standards for non-GE production. In addition, they have asked Brazil?s Minister of Agriculture to assign a specific export code to non-GE soybeans. In April 2010, the soybean sector launched ?Soy Plus,? a voluntary social, economic and environmental management program. This program seeks to assist producers in adhering to Brazilian social and environmental laws, increase economic opportunities and aid Brazil?s international image as a sustainable soybean producer. The program is focused on increasing the sector?s capacity in the following five areas: quality of life, good agricultural practices, product quality, social responsibility, and economic and financial feasibility. Participating entities include Embrapa, ABIOVE, ANEC, Mato Grosso Soybean Producer?s Association (APROSOJA) and the Institute for Responsible Agribusiness (ARES). Since its launch in 2005, the Brazilian soybean sector has been an active participant in the Round Table of Responsible Soy (RTRS). The RTRS is comprised of producers, exporters, industry, financial institutions and social and environmental non-government organizations. The objective of RTRS is to develop and promote soy production that is economically sound, environmentally correct and socially just. The RTRS also acts as an international forum for discussion on sustainable soybean production practices. TRADE Soybean exports in marketing year 2009/10 reached a record of 29 mmt. Post estimates a new record of 32.5 mmt in 2010/11 soybean exports based on continued strong demand from China. However, export logistics and infrastructure will be strained the second half of 2011 as soybeans compete with sugar and other export crops. Post forecasts new record exports of 33 mmt in 2011/12 based on continued strong world demand. Soybean oil exports are forecast to decrease to 1.45 mmt in 2011/12 due to increasing domestic demand. In addition, Brazil is expected to lose market share in China to Argentina which has regained market access to China for soybean oil. Brazil?s soybean oil exports to the European Union are expected to recover to 200,000 mt. Soybean Trade Tables Brazil Soybean Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 24,514 28,041 29,188 China 11,905 15,859 19,064 EU27 8,921 8,250 5,958 Thailand 1,061 930 1,138 Taiwan 188 568 635 Japan 498 587 507 South Korea 513 497 445 Russia 101 0 412 Norway 394 399 362 Turkey 120 13 220 Saudi Arabia 22 167 141 Iran 69 117 58 Bangladesh 42 136 53 United States 1 0.5 0.1 Others 679 517.5 195 Brazil Soybean Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 82.9 124 93.8 Paraguay 82.5 124 93.4 United States 0 0 0 Others 0.4 0 0.4 Soybean Meal Trade Tables Brazil Soybean Meal Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 12,709 12,153 14,147 EU27 9,643 8,645 9,765 Thailand 730 939 1343 South Korea 607 937 1020 Indonesia 421 383 590 Vietnam 73 99 434 Iran 196 361 324 Cuba 130 146 256 Saudi Arabia 243 203 125 Croatia 124 97 114 Japan 0 43 72 Russia 81 0 15 United States 0 0 0 Others 461 300 89 Brazil Soybean Meal Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 143 86 72 Paraguay 134 81 71 Bolivia 9 5 1 United States 0 0 0 Others 0 0 0 Soybean Oil Trade Tables Brazil Soybean Oil Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 2,198 1,496 1,632 China 658 528 958 Algeria 67 96 109 India 174 152 94 Iran 131 71 89 Cuba 66 38 68 EU27 482 170 56 Bangladesh 53 113 38 Venezuela 50 42 35 Egypt 38 9 28 United States 0 0 0 Others 479 277 157 Brazil Soybean Oil Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Feb 2008 Feb 2009 Feb 2010 World 9 41.4 2 Argentina 1.8 41 2 Paraguay 0 0.25 0 Bolivia 5.8 0 0 United States 1.4 0 0 Others 0 0.15 0 Cottonseed Trade Tables Brazil Cottonseed Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 14 75 4 EU27 0 57.5 3 Venezuela 0 0 0.5 Paraguay 0 0 0.2 Saudi Arabia 0 11.8 0 United Arab Emirates 0 3.5 0 Japan 13.7 2.2 0.2 United States 0 0 0 Others 0.3 0 0.1 Brazil Cottonseed Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 0 0.12 0.26 South Africa 0 0 0.18 United States 0 0.12 0.8 Cottonseed Meal Trade Tables Brazil Cottonseed Meal Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 0 1.1 0 South Africa 0 1.1 0 Brazil Cottonseed Meal Imports (1000 Metric Tons) C 2007 2008 2009 ountry 2007/2008 2008/2009 2009/2010 Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 0.34 0.4 0.4 United States 0.34 0.4 0.4 Cottonseed Oil Trade Tables Brazil Cottonseed Oil Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 20.5 6.7 0.05 Bolivia 0 0 0.05 South Africa 5.6 2 0 EU27 1 2 0 Australia 7.3 1.6 0 South Korea 4.5 0 0 United States 0 0 0 Others 2.1 1.1 0 Brazil Cottonseed Oil Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 0.2 1.9 2 Argentina 0 1.9 2 Paraguay 0.2 0 0 Others 0 0 0 Peanut Trade Tables Brazil Peanut Exports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 62 73 72 EU27 47 49 44 Algeria 3 6.7 7.2 Russia 4 6 8 Mexico 0 0.4 3 Ukraine 0.25 1.6 3 United States 1 1 0.6 Others 4.5 8.3 6.2 Brazil Peanut Imports (1000 Metric Tons) 2007 2008 2009 C 2007/2008 2008/2009 2009/2010 ountry Market Year Begin: Market Year Begin: Market Year Begin: Jan 2008 Jan 2009 Jan 2010 World 0.6 0.15 0.3 Argentina 0.6 0.12 0.26 United States 0 0.01 0.01 Others 0 0.02 0.03 STATISTICS Production, Supply, and Demand Oilseed, Soybean (Loc 9/2010 2010/2011 2011/2012 al) Braz 200il Market Year Begin: Market Year Begin: Market Year Begin: Feb 2010 Feb 2011 Feb 2012 USDA New USDA New USDA New Official Post Official Post Official Post Area Planted 23,500 23,400 24,250 24,250 24,800 Area Harvested 23,500 23,400 24,250 24,250 24,800 Beginning Stocks 1,156 295 2,666 1,779 1,773 Production 69,000 68,700 70,000 71,500 71,500 MY Imports 150 124 175 94 100 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 70,306 69,119 72,841 73,373 72,373 MY Exports 29,190 29,190 32,700 32,500 33,000 MY Exp. to EU 9,500 6,000 10,000 9,000 9,000 Crush 35,500 35,200 35,100 36,000 36,250 Food Use Dom. Cons. 0 0 0 0 0 Feed Waste Dom. 2,950 2,950 3,100 3,100 3,100 Cons. Total Dom. Cons. 38,450 38,150 38,200 39,100 39,350 Ending Stocks 2,666 1,779 1,941 1,773 1,023 Total Distribution 70,306 69,119 72,841 73,373 72,373 1000 HA, 1000 MT Meal, Soybean 2009/2010 2010/2011 2011/2012 (Local) Brazil Market Year Begin: Feb Market Year Begin: Feb Market Year Begin: Feb 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Crush 35,500 35,200 35,100 36,000 36,250 Extr. Rate 0.764 0.764 0.764 0.764 0.764 Beginning Stocks 1,300 3,327 1,805 3,206 2,835 Production 27,510 26,893 27,200 27,504 27,695 MY Imports 85 86 90 75 75 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 28,895 30,306 29,095 30,785 30,605 MY Exports 14,140 14,150 13,200 14,250 14,300 MY Exp. to EU 8,945 9,765 8,750 9,750 10,000 Industrial Dom. Cons. 0 0 0 0 0 Food Use Dom. Cons. 0 0 0 0 0 Feed Waste Dom. 12,950 12,950 13,675 13,700 13,800 Cons. Total Dom. Cons. 12,950 12,950 13,675 13,700 13,800 Ending Stocks 1,805 3,206 2,220 2,835 2,505 Total Distribution 28,895 30,306 29,095 30,785 30,605 1000 MT, PERCENT Oil, Soybean 2009/2010 2010/2011 2011/2012 (Local) Brazil Market Year Begin: Feb Market Year Begin: Feb Market Year Begin: Feb 2009 2010 2011 USDA New USDA New USDA New Official Post Official Post Official Post Crush 35,500 35,200 35,100 36,000 36,250 Extr. Rate 0.192 0.192 0.192 0.192 0.192 Beginning Stocks 404 404 509 332 309 Production 6,810 6,758 6,740 6,912 6,960 MY Imports 2 2 16 15 15 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 7,216 7,164 7,265 7,259 7,284 MY Exports 1,632 1,632 1,615 1,500 1,450 MY Exp. to EU 225 56 200 200 200 Industrial Dom. 1,900 1,900 2,050 2,050 2,200 Cons. Food Use Dom. 3,175 3,300 3,250 3,400 3,400 Cons. Feed Waste Dom. 0 0 0 0 0 Cons. Total Dom. Cons. 5,075 5,200 5,300 5,450 5,600 Ending Stocks 509 332 350 309 234 Total Distribution 7,216 7,164 7,265 7,259 7,284 1000 MT, PERCENT Oilseed, Cottonseed B 2009/2010 2010/2011 2011/2012 razil Market Year Begin: Jan Market Year Begin: Jan Market Year Begin: Jan 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Area Planted 836 836 1,300 1,350 1,550 (Cotton) Area Harvested 836 836 1,300 1,350 1,550 (Cotton) Seed to Lint Ratio 0 0 0 0 0 Beginning Stocks 20 10 20 10 120 Production 2,100 1,915 3,067 3,100 3,650 MY Imports 0 0 0 0 0 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 2,120 1,925 3,087 3,110 3,770 MY Exports 4 4 10 25 35 MY Exp. to EU 0 0 2 0 0 Crush 1,977 1,850 2,550 2,600 3,200 Food Use Dom. 0 0 0 0 0 Cons. Feed Waste Dom. 119 61 394 365 375 Cons. Total Dom. Cons. 2,096 1,911 2,944 2,965 3,575 Ending Stocks 20 10 133 120 160 Total Distribution 2,120 1,925 3,087 3,110 3,770 1000 HA, RATIO, 1000 MT Meal, Cottonseed B 2009/2010 2010/2011 2011/2012 razil Market Year Begin: Jan Market Year Begin: Jan Market Year Begin: Jan 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Crush 1,977 1,915 2,550 2,600 3,200 Extr. Rate 0.491 0.491 0.491 0.491 0.491 Beginning Stocks 11 9 12 10 20 Production 972 940 1,250 1,277 1,571 MY Imports 0 0 0 0 0 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 983 949 1,262 1,287 1,591 MY Exports 1 1 0 0 0 MY Exp. to EU 0 0 0 0 0 Industrial Dom. 0 0 0 0 0 Cons. Food Use Dom. 0 0 0 0 0 Cons. Feed Waste Dom. 970 938 1,250 1,267 1,566 Cons. Total Dom. Cons. 970 938 1,250 1,267 1,566 Ending Stocks 12 10 12 20 25 Total Distribution 983 949 1,262 1,287 1,591 1000 MT, PERCENT Oil, Cottonseed B 2009/2010 2010/2011 2011/2012 razil Market Year Begin: Market Year Begin: Jan Market Year Begin: Jan Jan 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Crush 1,977 1,915 2,550 2,600 3,200 Extr. Rate 0.165 0.165 0.165 0.165 0.165 Beginning Stocks 44 10 22 10 29 Production 326 316 415 429 528 MY Imports 2 2 0 0 0 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 372 328 437 439 557 MY Exports 0 0 20 35 57 MY Exp. to EU 0 0 0 5 10 Industrial Dom. 140 108 155 150 180 Cons. Food Use Dom. 210 210 215 225 235 Cons. Feed Waste Dom. 0 0 0 0 0 Cons. Total Dom. Cons. 350 318 370 375 415 Ending Stocks 22 10 47 29 85 Total Distribution 372 328 437 439 557 1000 MT, PERCENT Oilseed, Peanut B 2009/2010 2010/2011 2011/2012 razil Market Year Begin: Jan Market Year Begin: Jan Market Year Begin: Jan 2010 2011 2012 USDA New USDA New USDA New Official Post Official Post Official Post Area Planted 95 85 100 91 100 Area Harvested 95 85 100 91 100 Beginning Stocks 88 90 34 25 8 Production 235 226 250 255 275 MY Imports 0 0 0 0 0 MY Imp. from U.S. 0 0 0 0 0 MY Imp. from EU 0 0 0 0 0 Total Supply 323 316 284 280 283 MY Exports 70 72 65 70 65 MY Exp. to EU 40 44 40 45 40 Crush 110 110 100 100 100 Food Use Dom. 83 83 83 80 83 Cons. Feed Waste Dom. 26 26 22 22 23 Cons. Total Dom. Cons. 219 219 205 202 206 Ending Stocks 34 25 14 8 12 Total Distribution 323 316 284 280 283 1000 HA, 1000 MT Other Relevant Reports: BR0630 Oilseeds and Products Update BR0607 2010 Annual Oilseeds Report
Posted: 07 April 2011, last updated 7 April 2011

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