(Adds comments from Abiove, background)
SAO PAULO, April 22 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)