UPDATE 1-Brazil's Abiove trims soy export estimate on lower China demand

Tue Apr 22, 2014 11:11am EDT

(Adds comments from Abiove, background)

SAO PAULO, April 22 (Reuters) - Brazilian soy crushing association Abiove said on Tuesday the nation would export 43 million tonnes of soybeans from this season's nearly harvested crop, down from its forecast of 44 million tonnes a month earlier due to weaker Chinese demand.

In an emailed report, Abiove held to its forecast for production at a record 86.1 million tonnes and maintained its estimate for domestic processing at 37 million tonnes.

Abiove General Secretary Fábio Trigueirinho told Reuters the downward revision reflects slightly lower demand from China, by far the top buyer of Brazilian soybeans.

Abiove represents the top international soybean crushers operating in Brazil, including ADM, Bunge Ltd, Cargill Inc and Louis Dreyfus Corp.

U.S. soybean futures <0#S:> turned lower on Tuesday, pressured by talk of imports of soybeans or soymeal into the United States and worries that top global buyer China could reject more purchases, traders said.

China has been cancelling soybean orders due to a depressed local market. The country's top buyer, Shandong Sunrise Group, told Reuters last week that Chinese buyers may default on a further 1.2 million tonnes of soybeans worth about $900 million being shipped from the United States and South America, to avoid incurring huge losses. (Reporting by Gustavo Bonato; Writing by Caroline Stauffer; Editing by Lisa Von Ahn and Peter Galloway)

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