The Brazilian Vegetable Oils Industry Association on Friday announced new estimates for the nation's 2007-2008 soybean harvest. They have increased expected production from the February estimate by a million metric tons to 61.5 million. Crush totals were also increased from 31.5 to 32.2 million tons.
Although export expectations were not increased, soybean oil exports did rise slightly to 2.1 million tons. Soy meal production was increased due to the expected higher crush numbers. Brazil says they will produce 24.6 million tons of meal with less than half of that being consumed by Brazil.